Ottawa has room in its budget for more green transition spending due to stronger tax revenues and a more resilient economy. Read on
Finance Minister Chrystia Freeland has targeted a declining net debt-to-gross domestic product ratio each year to assure financial markets that the government has spending under control.Article content
But she has also promised investments in response to the U.S. Inflation Reduction Act , which contains US$369 billion in incentives for consumers and businesses to make the low-carbon transition there. She said these investments will encourage people to build the clean economy in Canada. “At this point in the economic cycle, you’re better off saving if the spending isn’t needed,” said Rebekah Young, head of resilience economics at Scotiabank.William Foster, vice-president and senior credit officer at Moody’s Investors Service, said Canada has committed to getting deficits “back on track” after the massive pandemic spending. Moody’s has a ‘Aaa’ rating – the highest – on Canada’s sovereign bonds, with a stable outlook.
Promised investments in the green transition will not “be overly inflationary” and they would provide certainty for investors and businesses, Bartlett said.
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