The PBO released its economic and fiscal outlook Friday, providing updated projections for the economy and federal finances as high interest rates weigh on growth.
Faced with slower growth in government revenues and higher expenses, the federal deficit is projected to rise to $46.5 billion in 2023-24, up from an estimated $38.7 billion for 2022-23. Higher interest rates are raising the cost of debt for the federal government. The PBO says it expects the debt servicing ratio, which refers to public debt charges relative to tax revenues, will peak at 12.0 per cent this fiscal year before gradually falling back to 11.0 per cent in 2028-29.
Source: Financial Digest (financialdigest.net)
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