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Decentralized Democracy

House Hansard - 174

44th Parl. 1st Sess.
March 28, 2023 10:00AM
Context: House Hansard - 174 - Mar/28/23
Hon. Chrystia Freeland
  • Mar/28/23 4:30:14 p.m.
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Mr. Speaker, we promised that deficits would come down, and today we have demonstrated that. Last year, the deficit was 1.5% of our GDP. This year, the deficit will be 1.4% of our GDP. To use actual numbers, last year's deficit was $43 billion. This year's deficit will be $40 billion. That is still a decrease. I want to point out, for Canadians who are watching, that Canada maintains the lowest deficit in the entire G7 and the lowest debt-to-GDP ratio. Not only do we have the lowest deficit in the G7—lower than Germany, the United States and the other G7 countries with AAA credit ratings—but our deficit is also lower than Australia and the Netherlands, which have AAA credit ratings. Let us not be narrow-minded. We need to understand and look at Canada's economic situation within the international context. Our country is strong, and we are very fortunate to be here in Canada.
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