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Fall Economic Statement: Issues for Parliamentarians

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Fall Economic Statement: Issues for Parliamentarians

Jan 22, 2025

This note flags issues regarding the 2024 Fall Economic Statement that may be of interest to parliamentarians.

Highlights

As the Parliamentary Budget Officer (PBO) estimated last year, the Government’s 2023-24 budgetary deficit was worse than Budget 2024 indicated.
Given the uncertain and volatile global context, the Government’s economic scenarios downplay risks.
The demographic assumptions underpinning the Fall Economic Statement’s economic projection are not transparent, and likely inconsistent with current Government policy.
Expenses for contingent liabilities continue to grow and are an increasing source of fiscal risk.
The Public Service’s ability to produce timely, high-quality Public Accounts is deteriorating.

© Office of the Parliamentary Budget Officer, Ottawa, Canada