Posthaste: Brace yourself, Canada's deficit could swell bigger than we thought [Financial Post (Toronto, Ontario, Canada)]
Comerica Incorporated (CMA)
Last comerica incorporated earnings: 4/21 06:34 am
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Source: Financial Post
Unveiling its fall economic statement yesterday, Ontario actually cut its deficit forecast , but don't hold out hopes for the same from Ottawa, say economists. According to Desjardins Group, the prognosis for Canada's books is not good. It expects to see bigger budget deficits in the federal fall economic statement than were forecast in the spring Budget , despite an improved outlook for the economy and lower interest rates Desjardins estimates that the deficit will reach $46.5 billion in the 2024-25 fiscal year, compared to the Budget forecast of $39.8 billion. But fiscal headwinds are mounting and the outlook could get even worse, says Randall Bartlett, senior director of Canadian Economics. One headwind is the proposed hike to defence spending to reach the NATO target of 2 per cent of gross domestic product by 2032. The parliamentary budget officer (PBO) said this week Canada would have to nearly double defence spending to keep this promise. At the very least it could
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