The projected federal deficit for 2022/23 could have been reduced by more than 42 per cent had the government stuck to last spring's spending plan.
A lack of fiscal prudence left Canada vulnerable when the pandemic hit.
Cutting regulatory red tape and removing internal trade barriers could help boost improve economic performance.
Canada's productivity growth and levels of business investment have been lacklustre for decades.
Ottawa will likely have more revenue—perhaps considerably more—than forecast when the government tables the budget.
Only seven industrialized countries had higher levels of government indebtedness than Canada.
The national debt will reach a projected $2 trillion by 2025-26.
According to the update, the government will continue to spend well in excess of projected revenues.
The price of gas has increased by 41.7 per cent over the last 12 months.
Despite the dismal state of federal finances, the speech did not include the terms “deficit” or “debt."