Seven Economic and Fiscal Update highlights for Canada’s social impact sector

Author Brennan Doherty
Deputy Prime Minister Freeland delivered the first snapshot of Canada’s finances since April while in isolation.

Why It Matters

Omicron is here — and with it, the need for another wave of social sector spending to keep Canadian communities afloat.

In normal times, Finance Minister Minister Chrystia Freeland would have presented Canada’s Economic and Fiscal Update, a snapshot of the country’s coffers, in the House of Commons.

Instead, Freeland tabled the 96-page Update from isolation after two of her staffers tested positive for COVID-19 — a reminder of the virus’s persistence nearly two years into the global pandemic. The Update promised tepid single-digit GDP growth, a growing debt-to-GDP rating, and tens of billions of dollars in additional spending. 

But with an expected Omicron wave, the Update cautioned Canadians of the fact COVID recovery is still a long way off. 

“As Omicron has reminded us, COVID-19 threatens us still,” reads Freeland’s introduction to the Economic and Fiscal Update. “As 2021 draws to a close, finishing the fight against COVID-19 remains our most important nationa

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