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Canada budget forecasts ‘soft landing’ in 2024, avoiding recession [Video]

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Canada’s Finance Minister Chrystia Freeland has presented a new government budget to lawmakers.Photo: Fabrice COFFRINI / AFP/FileSource: AFP

Canada is expecting a “soft landing” this year and will avoid a recession due to slightly improved growth despite relatively high interest rates weighing on the economy, the government’s federal budget said Tuesday.

Economists surveyed by the government “expect the economy to avoid a recession,” it said, forecasting growth of 0.7 percent this year and 1.9 percent in 2025 — compared to 0.5 percent and 2.2 percent forecast in a November economic statement.

With rising costs of living vital to most Canadians, Finance Minister Chrystia Freeland’s budget presented a slew of new social spending to ease the pain, while asking the wealthiest to pay more in capital gains taxes to help offset outlays.

Most of the new spending was directed to shore up the support of younger voters ahead of an election expected in 2025, in areas of education

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