Canadian government economic update: 2024 growth forecast slashed, higher deficits to come ...Middle East

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Canadian government economic update: 2024 growth forecast slashed, higher deficits to come
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Canada has published its Fall Economic Statement, the main points being growth forecasts have been cut and a series of higher budget deficits are to come for at least the next three fiscal years beginning in 2024/25. Canada's finance ministry estimates 2024 growth at 0.4%this compares with the 1.5% forecast in the late March budgetSaid the federal debt-to-GDP ratio would increase for 2023/24 and 2024/25 fiscal years before starting to decline in 2025/26   deficit for 2023/24 fiscal year set to be little changed at C$40bnwill rise to C$38.4 bn in 2024/25 (larger than the C$35bn estimated in March)for 2025/26 it will hit C$38.3bn (from C$26.8bn projected back in March)2026/27 is seen at C$27.1

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