Federal Government's Fall 2021 Economic Statement

The federal government yesterday presented their fall 2021 economic statement. Their forecast for GDP growth was 4.6% in 2021, 4.2% in 2022 and 2.8% in 2023; the 2021 figure was lower by 1.2 percentage points than projected in the April budget, but 2022 and 2023 are "broadly in line with budget 2021." The government also adjusted its budget deficit esimates for last year and this year (previous estimates are in brackets; numbers in billions of dollars): 2020-21 -$372.7 billion (-$354.2 billion) and 2021-22 -$144.5 billion (-$154.7 billion). They are forecasting that the deficit will be down to -$13.1 billion by 2026-27.