Carney to address Canadians on economy as budget questions grow

Prime Minister Mark Carney is set to deliver an economic speech to Canadians on Wednesday, just two weeks before the hotly anticipated federal budget.

It will come as a new report from Desjardins estimates the federal budget deficit could be the highest in 30 years, outside of the Great Recession and Covid-19 pandemic years.

The federal government is expected to deliver its budget on Nov. 4, which will include details on Canada’s defence spending commitments, as well as a clearer picture of how high the deficit could climb.

It isn’t clear yet exactly what details for the economy Wednesday’s speech may include, but it comes amid growing warnings that Canada will see a significant deficit.

Ottawa’s fiscal watchdog estimated last month that the annual deficit could climb to $68.5 billion this year.

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Carney’s office says the public address will detail “Canada’s plan to build a stronger economy,” while Canadians await updates on trade discussions with the United States.

This comes as the trade war continues to hamper the economy and job market, with negative impacts tied to U.S. President Donald Trump’s tariff policies in addition to those imposed by China.

Carney is scheduled to deliver his address at 7:30 p.m. eastern time.

– More to come