Canada’s fiscal update includes future spending in response to COVID-19: Freeland

Finance Minister Chrystia Freeland released Canada’s fall economic statement on Wednesday, which showed the deficit for this year is on track to hit $144.5 billion, below the government’s previous forecast, as well as billions more in spending including additional spending on the response to the Omicron COVID-19 variant. Freeland said Canada has “largely recovered from the economic damage inflicted by COVID-19,” and provisioned an additional $4.5 billion for possible further COVID-19 costs.