Economic

Canada Government budgets for $17.6 Billion Green investment

The federal government is unveiling $101.4 billion in new spending, aimed at both supporting the country through the third COVID-19 wave, and stimulating the economic recovery post-pandemic, in a historic budget presented by Deputy Prime Minister and Finance Minister Chrystia Freeland.

From extending pandemic business and health supports, to putting $30 billion towards a national child-care plan, increasing the federal minimum wage, and promising $17.6 billion for green investments, Monday’s federal budget outlines how the federal Liberals propose to rebuild the Canadian economy in a way that “brings all Canadians along.”

The budget— titled “A Recovery Plan for Jobs, Growth, and Resilience”— shows that the federal deficit is projected to sit at $354.2 billion for the year that just ended, with it slated to drop to $154.7 billion in the current 2021-22 fiscal year.

The government attributes a “stronger-than-expected” economic recovery already taking shape globally as the cause for the declining deficit figures, though the deficit will continue to be sizable for years to come as the government follows through on big spending plans.

Categories: Economic

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