According to forecasts, Ottawa's annual debt interest costs will eclipse $50 billion by 2028.
federal debt
According to forecasts, the federal deficit will eclipse $40 billion this year.
Rising interest rates will put additional pressure on federal finances.
Federal debt interest costs will reach a forecasted $43.9 billion in 2023/24.
Canada's gross government debt is equal to 111 per cent of the country's GDP.
By 2028, the federal government will add a projected $131.8 billion in debt.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.
The total value of government debt in 2022 in Canada exceeded the entire size of the economy by more than 10 per cent.
Between 2016 and 2019, the Trudeau government recorded average economic growth of 2.1 per cent compared to 4.6 per cent during the Chrétien years.