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MNI INTERVIEW: Last Canada Fiscal Anchor Will Hold-Ex Adviser

(MNI) Ottawa
OTTAWA (MNI)

Debt to GDP ratio will fall each year even if deficit reduction is trickier.

Canada seems intent on making sure its last fiscal "anchor" of reducing debt as a share of GDP each year holds firm, a former top government adviser told MNI, to keep credibility with investors worried that deficit reduction will lose out to social spending and costly geopolitical risks.

Finance Minister Chrystia Freeland's budget Thursday spent the majority of an economic windfall -- including on new social programs -- even as output and jobs show a full rebound from the Covid recession. She also with the prime minister's backing said the debt-to-GDP ratio will fall in each of the next five years from 46.5% to 41.5%, even with deficits every year.

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Canada seems intent on making sure its last fiscal "anchor" of reducing debt as a share of GDP each year holds firm, a former top government adviser told MNI, to keep credibility with investors worried that deficit reduction will lose out to social spending and costly geopolitical risks.

Finance Minister Chrystia Freeland's budget Thursday spent the majority of an economic windfall -- including on new social programs -- even as output and jobs show a full rebound from the Covid recession. She also with the prime minister's backing said the debt-to-GDP ratio will fall in each of the next five years from 46.5% to 41.5%, even with deficits every year.

Keep reading...Show less