2018 Fall Economic Statement: Highlights

by in Canadian Government News and Updates
2018 Fall Economic Statement: Highlights
Last week, the Department of Finance Canada released its 2018 Fall Economic statement with proposals to enhance economic growth through investments in middle class jobs.

Here are the highlights:
• The Government introduced the Accelerated Investment Incentive to support investment by businesses of all sizes and across all sectors of the economy.
• The Government intends to increase investment in the clean technology sector by allowing specified clean energy equipment to be eligible for an immediate write-off of the full cost.
• A further $800 million over 5 years to the Strategic Innovation Fund is proposed to accelerate support for business innovation.
• The Government will launch an Export Diversification Strategy to increase Canada’s overseas exports by 50% by 2025.
• Canada had the strongest economic growth of all the G7 countries at 3% in 2017.
• In both 2018 and 2019, real GDP growth is expected to be 2%
• Unemployment rate is at a 40-year low with 550,000 new full-time jobs created in the last 3 years.
• For the average Canadian worker, wage growth is outpacing inflation.
• The federal deficit is projected to decline from $19.6 billion in 2019-20 to $11.4 billion by 2023-24.

Source: https://www.fin.gc.ca/fin-eng.asp
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