The November 2016 Update forecasts a deficit of $25.1 billion for 2016-17. Based on the financial results to date, public debt charges could be as much as $1 billion lower than forecast in the Update, while direct program expenses could be at least $2 billion lower. Budgetary revenues appear to be on track, with differences in components offsetting each other. On balance, the final outcome for 2016-17 could be at least $3 billion lower than forecast in the November Update.Read More
The Parliamentary Budget Office (PBO) recently released its assessment of the federal government’s Fall Economic Statement and offered a number of issues for consideration by parliamentarians. One of these related to the inclusion of prudence in the government’s economic forecast.
The Finance Minister’s Advisory Council on Economic Growth recently released its first report, concluding that its objective is to come up with ideas “that will more than double Canada’s growth trajectory”.