According to forecasts, Canadian economic growth for 2020 will shrink by more than 12 per cent.
debt to GDP ratio
Newfoundland and Labrador has the highest per-person total government debt among the provinces at $48,478.
Total federal expenditures will grow to a projected $420.5 billion in 2024-25.
George W. Bush increased the ratio by 27.5 percentage points.
Per-person spending last year was only $72 short of the all-time high reached during the 2009 recession.
Ontario’s government spends more than $1 billion every month on debt interest.
An economic slowdown or recession would make the Wynne government’s debt reduction plan much less likely.
Business owners worry about rising electricity costs.