PBO estimates federal deficit surpassed $40 billion target as economy expected to recover in 2025
Summary: The parliamentary budget officer reports that the federal deficit likely exceeded the Liberal government's $40 billion target, reaching an estimated $46.8 billion for the 2023-24 fiscal year.
Finance Minister Chrystia Freeland had previously stated the deficit would remain within the promised limit. The final deficit figure will be confirmed in the government's upcoming public accounts report.
The budget officer also forecasts a recovery in economic growth starting in 2025, driven by anticipated interest rate cuts from the Bank of Canada.
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