The government lowered annual GDP forecasts by $40 billion a year for the next four years, meaning the annual deficit may prove to be $6 billion lower than budget projections.
At a press conference, Trudeau’s explanation was that private sector experts are often mistaken in their forecasts, over-predicting GDP. Consequently, the Liberals decided to make the downside adjustment now. “We want to be transparent and open about this,” the prime minister said.
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