Canadians will get a better idea of the state of the country’s economy Tuesday.
Federal Finance Minister Bill Morneau will be in Montreal to deliver a speech that will outline Canada’s economic situation, how to stimulate growth and how to help the middle class.
Morneau was in Halifax Monday, speaking on how he’s staying optimistic despite darkening clouds for the Canadian economy. He told several hundred people attending a Halifax Chamber of Commerce luncheon that his department’s projections on growth since the 2015 budget have fallen due to oil prices that are less than half those of 2014. But he didn’t indicate if that will mean the federal deficit will be higher than the Liberals promised during the campaign.
He admits the economy is suffering from slower growth than projected by the former Conservative government.
Benchmark U.S. crude dropped another $1.75 Monday to settle at $31.41 U.S. a barrel.
Morneau said his Liberal party’s plan for middle-class tax breaks and to spend billions on infrastructure will act as a counterweight to the problem.
Prime Minister Justin Trudeau promised during the campaign to run annual deficits of no more than $10 billion over the next two years while pumping billions into infrastructure projects to stimulate the stagnant economy. However, the finance minister didn’t provide specific figures on how the struggling economy will affect this promise.