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Covid Aid Reaches CAD515b or 22% of GDP: Oxford Economics

CANADA
  • Increase from June's CAD392b or 17% of GDP, based on federal and local govt announcements compiled by Oxford's Tony Stillo, a former Ontario finance official
  • Federal spending is CAD419b or 18% of GDP, Stillo says in research note
  • Provincial support is CAD96b, 4.2% of GDP
  • RBC economists say PM Trudeau's recent comments suggest more spending coming on green infrastructure, health, social safety net. Some pressure may be offset by programs such as wage subsidy being used less than expected
  • Govt's Aug. 6 report to House finance committee showed CAD325b of direct support and tax breaks, or 14% of GDP
  • New FM Freeland has declined to say when full budget for FY that began Apr 1 will be presented; Parliament suspended to Sept. 23 as Trudeau pledges to relaunch economic strategy
  • Stillo on next month's relaunch: "In addition to proposed changes to EI and new recovery benefit programs to broaden income support, we expect a major focus on health, the environment and investments in traditional infrastructure such as transportation, as well as "digital" infrastructure to spur economic growth and address the changing nature of work."
  • Govt's July fiscal "snapshot" had record CAD343b deficit, 16% of GDP
  • Freeland on Thurs announced CAD37b of extended relief checks, richer jobless benefits
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
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MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Homepagemarkets-real-timePolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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