WASHINGTON (UrduPoint News / Sputnik – 04th November, 2022) Canada‘s Finance Minister and Deputy Prime Minister Chrystia Freeland presented the government‘s 2022 Fall Economic Statement to lawmakers in Parliament.
The economic overview said that global growth is expected to slow and the risks for a global recession have significantly increased.
“In April, we committed to bringing the deficit down to just 2 per cent of GDP this year. Today, we forecast it will be just 1.3 per cent of our $2.8 trillion Dollar economy,” Freeland told the lawmakers in Parliament on Thursday.
Freeland pointed out that the Canadian economy is 103% bigger than it was prior to the COVID-19 pandemic, marking an economic growth that is among the biggest among the G7 member states.
Inflation stands at 6.8% this year and will steadily decrease to 3.5% in 2023 to finally achieve 2.1% between 2024 and 2026, the review said.