Government of Canada releases 2022 Fall Economic Statement

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the 2022 Fall Economic Statement.

Amid global economic uncertainty, the statement outlines the government’s plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the people who need it the most. It also moves forward on the government’s comprehensive plan to make housing more affordable, including by helping people save to buy a home and by cracking down on house flipping. And it lays out an ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs, across the country and across the economy.

The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low—400,000 more Canadians are working today than before the pandemic, the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.

The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.