Canada could fall into a “shallow recession” this year, according to a worst-case scenario outlined in the government’s budget on Tuesday, but Ottawa is planning for a slightly brighter outlook.
Private sector economists surveyed by Ottawa forecast gross domestic product ranging from a contraction of 0.2 percent to growth of 1.6 percent.
The report is forecasting real gross domestic product to fall by 0.5 per cent this year before rebounding with two per cent growth in 2024, while inflation is expected to cool rapidly throughout the rest of this year.
Deloitte says the federal budget, set to be tabled in Ottawa Tuesday afternoon, will likely include affordability measures to help lower-income Canadians, health care support for provinces and incentives to reduce carbon emissions.
The report says these priorities should not have a notable impact on inflation _ provided the spending increases are not dramatic.
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