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The “Recovery Budget”: Canada’s Government Economic Program for 2021–2022
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The “Recovery Budget”: Canada’s Government Economic Program for 2021–2022
Annotation
PII
S268667300017218-9-
DOI
10.31857/S268667300017218-9
Publication type
Article
Status
Published
Authors
Lyudmila Nemova 
ORCID: 0000-0002-7572-6928
Affiliation: Institute for the U.S. and Canadian Studies, RAS
Address: Russian Federation, Moscow
Edition
Issue 11
Pages
22-37
Abstract

The article analyzes the priorities and contents of Canada’s Budget 2021. It starts with a brief overview of the country’s economic development in the past two years. It is shown that the federal budget program was developed for the period of recovery after the COVID-19 pandemic recession. Experts predict that Canada’s real GDP would get close to its pre-recession level by the end of the year and continue to grow thereafter. Justin Trudeau’s government suggested massive new spending on economic and social programs including about 100 new initiatives to support recovery, growth, and innovation. This may be partially attributed to the specific situation of a minority government and a high probability of an early federal election in September. At the same time, the Budget 2021 priorities, actual measures, and plans reflect the Liberal party’s longerterm strategy that suggests a deeper and broader government involvement in the country’s economic and social development. It is important that the main priorities of Canada’s Budget 2021 have much in common with the main thrust of the economic plans of the American administration. The article looks at both, factors supporting the change and possible risks and barriers. A record high budget deficit and growing federal debt to GDP level may create major obstacles for the largescale economic and social programs. Also, the global economic situation continues to be highly unstable and unpredictable.

Keywords
Canadian economy, Canada’s Budget 2021, Canada’s government economic and social policies, COVID-19 pandemic
Received
19.08.2021
Date of publication
11.11.2021
Number of purchasers
15
Views
2381
Readers community rating
0.0 (0 votes)
Previous versions
S268667300017218-9-1 Дата внесения правок в статью - 10.11.2021
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References

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2. Budget bill passes Senate, extending pandemic aid programs. CBC News. June 30, 2021. Available at: https://www.cbc.ca/news/politics/budget-canada-senate-pandemic-1.6085571 (accessed 09.07.2021)

3. Porter D., Gregory M. Ottawa’s Budget: 10 Things to Watch. BMO Research. April 16, 2021. Available at: https://economics.bmo.com/en/publications/detail/653d6ca5-175e-4064-9eb2-ef1265112a45/ (accessed 27.04.2021)

4. Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience. News Release. April 19, 2021. Available at: https://www.canada.ca/en/department-finance/news/2021/04/budget-2021-a-recovery-plan-for-jobs-growth-and-resilience.html (accessed 20.05. 2021)

5. 2021 Federal Budget Analysis. Canadian Centre for Policy Alternatives. 21.04.2021. Available at: https://www.policyalternatives.ca/2021-federal-budget-analysis (accessed 04.08.2021)

6. Department of Finance Canada. Press Release. Budget 2021 investments will create jobs and growth by supporting small business. April 29, 2021. Available at: https://www.canada.ca/en/department-finance/news/2021/04/budget-2021-investments-will-create-jobs-and-growth-by-supporting-small-business.html (accessed 02.06.2021).

7. COVID-19, savings and household spending. Bank of Canada Staff Working Paper No. 2020-51. March 11, 2021. Available at: https://www.bankofcanada.ca/2021/03/covid-19-savings-and-household-spending/ (accessed 09.08.2021).

8. Ljunggren D., Scherer S. Canada's Trudeau takes gamble, calls 'pivotal' snap election for Sept. 20. Reuters. August 16, 2021. Available at: https://www.reuters.com/world/americas/canadian-pm-trudeau-announces-federal-election-will-be-held-sept-20-2021-08-15/ (accessed 17.08.2021)

9. Tasker J.P. Canadians have re-elected a Liberal minority government. CBC News. 20.09.2021. Available at: https://www.cbc.ca/news/politics/federal-general-election-results-2021-1.6182364 (accessed 21.09.2021)

10. Nemova L.A. Ehkonomika Kanady v 2021 godu: na vykhode iz «pandemicheskoj» retsessii. // Rossiya i Amerika v XXI veke. 2021. Vypusk № 3.

11. Nemova L.A. Ehkonomika Kanady i antikrizisnaya politika v period pandemii COVID-19. // Rossiya i Amerika v XXI veke. 2020. Vypusk № 2. Available at: https://rusus.jes.su/s207054760010433-3-1/

12. Ehkonomika SShA v XXI veke: vyzovy i tendentsii razvitiya \ [Aksenov P.A. i dr.]; otv. red. V.B. Supyan; Federal'noe gosudarstvennoe byudzhetnoe uchrezhdenie nauki Institut SShA i Kanady RAN. – M.: Izdatel'stvo «Ves' Mir», 2018. – 424 s.

13. Supyan V. B. Ehkonomicheskaya strategiya Dzh. Bajdena: vozvraschenie «bol'shogo gosudarstva» // SShA & Kanada: Ehkonomika – politika – Kul'tura. – 2021. – Vypusk № 7 C. 5-18 Available at: https://usacanada.jes.su/s268667300015570-7-1/ (accessed 02.08.2021). DOI: 10.31857/S268667300015570-7

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