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rdf:type	schema:NewsArticle
schema:articleBody	Canada's independent fiscal watchdog on Wednesday said the economy will likely grow faster this year and in 2022 than previously forecast, due to the rollout of Covid vaccines and improving trade prospects. Parliamentary Budget Officer Yves Giroux projected growth of 5.6 percent in 2021 and 3.7 percent in 2022, up by almost a full percentage point in both years compared with his September 2020 outlook. "The improved outlook reflects higher commodity prices, a stronger US recovery and the earlier-than-expected arrival of effective vaccines," Giroux said in a statement. "We project employment to reach its pre-pandemic level by the end of 2021 and the unemployment rate to decline steadily through 2022." Assessing government coffers ahead of Finance Minister Chrystia Freeland's April budget release, Giroux said he expects the deficit to rise to Can$363.4 billion (US$288.8 billion) in the fiscal year ending March 31. The upcoming year's shortfall -- not including any new spending announcements in the April 19 budget -- would fall to Can$121.1 billion. The federal debt-to-GDP ratio, meanwhile, will rise to 49.8 percent of GDP in 2021-22 and then gradually decline to 45.8 percent of GDP in 2025-26, according to the PBO. These figures are relatively better than in other G7 nations, and up significantly from Canada's pre-pandemic average of about 31 percent. The government did not present a 2020 budget, it has said, due to the uncertainties of the coronavirus pandemic. The last budget presented by Prime Minister Justin Trudeau's administration was in March 2019, when it projected a deficit of Can$19.8 billion for fiscal 2019-2020. Since then the deficit has ballooned as Ottawa responded to the health and economic crisis by dolling out hundreds of billions of dollars in emergency aid. This included spending on health care as well as support for households, firms, and vulnerable groups through cash transfers and wage subsidies. The government in November projected its 2020-2021 deficit to hit a record Can$382 billion, while the national debt is set to double to more than Can$1.2 trillion. amc/ft
schema:headline	Budget officer predicts rosier Canada growth
schema:mentions	Debt-to-GDP ratio Chrystia Freeland Commodity Finance minister Government debt Group of Seven Ottawa Prime Minister of Canada Justin Trudeau Gross domestic product Canada Pandemic Coronavirus disease Severe acute respiratory syndrome coronavirus 2 Parliamentary Budget Officer Yves Prigent
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-31 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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