What does the federal fall economic statement mean for business?

On November 21, the Government of Canada released its 2018 Fall Economic Statement entitled “Investing in Middle Class Jobs”, which provides an update on the government’s finances and announces commitments to improve Canada’s competitiveness.

The government is projecting steady, moderate growth in Canada’s economy, with real GDP forecasted to rise by 2 percent in 2018. The Fall Economic Statement forecasts a deficit of $18.1 billion in 2018-19, down by $0.9 billion from the previous year. Growth is expected to be more modest over the next four years due to limited economic capacity, higher interest rates, and slowing US growth.

“The Chamber is concerned that the Economic Update lacks any plans to help Canada’s struggling energy industry.  We call on government to lay out its plans for oil and gas workers during these exceptional times,” said Perrin Beatty, President & CEO, Canadian Chamber of Commerce. “We would also like to understand the government’s plans to address the need for more attention to skills development and training, as well as to attracting and retaining the best talent available for all industries in Canada.”