This article was last updated on April 16, 2022
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The Conservative government has recently announced a new and comparatively lenient target set for reducing the country’s debt, while it continues to recommend other nations at the G20 summit to follow its lead in overcoming debts and deficits. Finance Minister Jim Flaherty and Prime Minister Stephen Harper made full use of this year’s G20 leaders’ summit in St. Petersburg to announce new debt targets for the federal government. Ottawa has now promised to bring its debt-to-GDP ratio down to 25 per cent by 2021, asserting that this would be in addition to erasing annual deficits by 2015.
However, this newly set target of 25 per cent is relatively lower than previously set figure in the timeline Mr. Flaherty’s department released back in 2012. Last fall, Finance Canada mentioned in its long-term debt projections that it aims to bring down the federal debt-to-GDP ratio to 23.8 per cent in 2020-21.
Mr. Flaherty alleged that “we’re going to aim at 25. If we do a bit better, that’s great.” He addressed reporters at the G20 conference, asserting that “we have seen some movement in the economy upward and downward over the past year or two. Right now things look relatively good in the Canadian economy. As you saw [Wednesday], the OECD has predicted that our real GDP growth this year will be higher than what was anticipated before. They think about 2 per cent now. So we may be able to accomplish the [debt] goal sooner and I think it’s a realistic goal that we can aim [for] and I’m going to encourage my colleagues to aim in the same direction.”
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