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Fall Economic Statement 2020: Issues for Parliamentarians

PDF
Kristina Grinshpoon; Caroline Nicol; Tim Scholz
Published on December 10, 2020 PDF

To assist parliamentarians in their budgetary deliberations, this report identifies key issues arising from the Government’s Fall Economic Statement (FES) published on 30 November 2020.

Communications

Quotes

  • The Government has set aside $70 to $100 billion in stimulus spending to be spent over the next fiscal 3 years that will be wound down according to labour market “guardrails”. Our labour market projections currently suggest that the size and timing of the planned fiscal stimulus may be mis-calibrated.

  • The Fall Economic Statement does include elements that are essential for credible fiscal planning and scrutiny, such as a detailed 5-year fiscal outlook. However, the Statement falls short on transparency in several areas, such as: the absence of a fiscal anchor; the lack of clear thresholds for the fiscal guardrails; and the lack of detail related to the Employment Insurance Operating Account.

Yves Giroux
Parliamentary Budget Officer
Fall Economic Statement COVID-19 Fiscal policy Economic forecasts Gross domestic product Employment Employment insurance