The global economic situation remains challenging. All rates are reported at annual rates unless otherwise noted. ![]() Notes: This section incorporates data available up to and including March 17, 2016, unless otherwise indicated. This section outlines the major global and economic developments over the past year and lays out the Government’s fiscal plan, including measures in this budget. Where new spending is introduced, it will be focused on boosting Canada’s long-term growth potential while preserving our low-debt advantage. In particular, the Government is committed to reducing the federal debt-to-GDP (gross domestic product) ratio to a lower level over a five-year period, ending in 2020–21. The Government is committed to providing that help in a fiscally responsible way. In challenging economic times, Canadians and the Canadian economy need help. In particular, near-term fiscal policy should be more supportive where appropriate and provided there is fiscal space, especially through investment that boosts both the demand and the supply potential of the economy. …A comprehensive approach is needed to reduce over-reliance on monetary policy. Budget 2016 makes further targeted investments to grow the economy and create opportunities for the middle class. ![]() In December 2015, the Government began the important work of strengthening the middle class, by introducing significant tax cuts. The Government will deliver on its promise to help strengthen and grow Canada’s middle class to recognize this potential. There is a growing consensus, in Canada and around the world, that fiscal policy has an important role to play in delivering stronger economic growth today, and in expanding the economy’s growth potential over the long term.
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