Thank goodness the Trudeau government abandoned its promise to balance the budget in 2019: We’d be looking at a recession if it hadn’t.
Statistics Canada’s new tally of economic output should prompt gut checks all over Ottawa, from the central bank to the Prime Minister’s Office to the opposition benches. Everyone appears to have overestimated Canada’s ability to generate economic growth without the nitrous boost of zero interest rates. The world beating economy of 2017 wilted in the face of Donald Trump’s trade wars, weaker oil prices, and somewhat higher borrowing costs.
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