What to expect from budget 2023 as ‘storm clouds’ gather over Canada’s economy
Global News
Canada's 2023 federal budget will see the Liberals attempt to respond to pressures from inflation, the United States and an uncertain economy.
Canada’s Liberal government is in a tight spot heading into the 2023 federal budget.
A year of surging prices and rising interest rates has put fresh stress on Canadian households struggling to make ends meet.
Landmark investments in the green transition from the United States have turned up the heat on the Canadian government as it looks to stay competitive with the economic juggernaut south of the border.
And after years of higher spending and a surging recovery from the COVID-19 pandemic, storm clouds are gathering in the economy, putting new scrutiny on government coffers.
Chrystia Freeland, the government’s finance minister and deputy prime minister, has pledged that the 2023 budget will include “targeted” support to help vulnerable Canadians but will not “pour fuel on the fire of inflation.”
Can Ottawa thread the needle through the competing pressures and economic uncertainty while still meeting Canadians’ ends?
Here’s what economists think.
The federal budget comes at a “challenging time” for Freeland and Prime Minister Justin Trudeau, says Sahir Khan, vice-president at the University of Ottawa’s Institute of Fiscal Studies and Democracy.
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