The coronavirus crisis has forced countries around the world to dig deep to save their economies. But when it comes to pandemic spending, Canada is in a league of its own. Ottawa is on track for a $343-billion deficit this year. Compared to 2019, the country is expected to see its fiscal outlook worsen more than any G20 nation, with a change in its deficit equal to 19.6 pe cent of gross domestic product, according to the International Monetary Fund’s (IMF) most recent fiscal monitor.
While budgetary hawks have expressed deep concern with the federal government’s refusal to commit to a timeline for balancing its books, Prime Minister Justin Trudeau has defended the massive volley of spending by arguing the economy would be worse without it.
So did Ottawa get bang for its deficit buck?