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Canada’s 2024 Federal Budget Preview
Canada’s federal Finance Minister delivers her annual budget on April 16th. Nominal economic growth has been substantially stronger than the official outlook last Fall but the misses are narrowing. Scotia Economics projects nominal growth 1.5 ppts higher in 2024 relative to the Fall update, albeit with some pull-forward from 2025. The net impact would still see output levels 1.2% higher at the end of 2025. Otherwise, there has been little change to near-term inflation and interest rate outlooks, though long term rate risk may be down-played over a longer horizon (table 1, at the end). Spending is clearly set to ... (full story)