TORONTO - Preserving Canada’s triple-A credit rating could be less of a priority for Ottawa than in years gone by, with the focus on digging the economy out of a hole rather than staying in a shrinking group of top-rated sovereign borrowers, analysts say.
Ottawa has projected a budget deficit of C$343 billion for the current fiscal year ending March 31 as it spends to cushion the economic blow from the pandemic, which at about 16% of GDP would be a record shortfall. “The whole thing is relativity ... when you put it in the international context, Canada doesn’t look as bad as it might,” said John Manley, a senior business adviser at Bennett Jones and former federal finance minister and industry minister in Liberal Party governments.
That has emboldened Prime Minister Justin Trudeau to promise even more spending by his Liberal government, saying that “this is not the time for austerity.”
Source: Financial Digest (financialdigest.net)
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