According to Finance Minister Bill Morneau, Canada’s economic outlook will feature more numbers in the red.
When 2016 wraps up the federal deficit will reach 25 billion dollars, a 1 point 7 billion dollar increase when compared to last spring’s budget.
Canada’s Gross Domestic Product is down since last year, so to turn things around, Morneau is pledging a massive infrastructure spending spree, to the tune of 81 billion dollars. The spending will be spread out from 2018 to 2028.
Morneau also mentioned starting a hub called “Invest in Canada” to attract new business, and said the start date would be announced in the next budget.