Outlook for Canadian economy 2024

If the present Liberal administration stays in office, the Canadian economy is doomed. Their heavy spending habits, lack of restrictions on extracting natural resources, and backing of policies that inhibit development are all contributing elements to this gloomy forecast. Spending Patterns of the Government It is common practice for the Canadian government to spend more money than it receives in taxes. A decrease in economic efficiency may result from the resulting long-term debt problems. Prime Minister Justin Trudeau and the Liberal Party have carried on the Conservatives’ practice of increasing Canada’s foreign debt. However, in light of the current economic hardships caused by the coronavirus pandemic—which has led to a rise in unemployment as businesses close their doors and new regulations are put in place—it is understandable that their government has increased the overall size of the budget. The lack of significant budget cutbacks and measures to balance the budget is the biggest issue with this administration. But instead, they show no signs of slowing down or stopping their annual debt pileup. Consumers and struggling companies in Canada suffer as a result of increased interest rates and inflationary pressures. Again, this is bad news for economic development since it reduces […]