Canada’s Budget Watchdog Urges Carney to Show Numbers as Spending Rises: Bloomberg
Canada’s parliamentary budget officer has urged Prime Minister Mark Carney to provide an update on federal finances soon or risk damaging investor confidence, warning that “a budget would’ve been very helpful in clearing up the uncertainty and providing more detail.” The government’s increased spending on infrastructure, defense, housing, and transportation—combined with slow economic growth—is expected to result in a deficit of between C$60 billion and over C$90 billion this fiscal year, according to estimates from economists and banks. Carney has delayed the budget until October, citing trade tensions and the spring election, while defending his plans by stating Canada “continues to have the lowest net debt-to-GDP ratio in the G-7 and is well-positioned to navigate global uncertainty.”
