It’s a federal election that put Prime Minister Justin Trudeau right back where he started from: another minority government.
With just one more seat for the Liberals after this election than the last one in 2019, a new cabinet is expected to be announced in the coming days.
So, where does that leave the turbulent state of Canadian finances?
Here’s how economists and business executives are reacting to another mandate for Trudeau following Election Day:
Ryan Lewenza, senior vice-president and portfolio manager at Turner Investments
We now have the exact same thing that we already had going into this election. So, for us, this is more spending, more deficits, more lacklustre GDP growth, and likely, more taxes on the way.
Kevin Page, former parliamentary budget officer
There will be a lot of spending and a higher deficit than what the PBO projected a few months ago… How we will taper out those subsidies and fiscal support programs will really depend on our progress on really reducing the number of COVID-19 infections.
John Manley, senior advisor at Bennett Jones, former Liberal deputy prime minister and former finance minister
Foreign investment is one side of the coin, but retention of Canadian investment is another. A combination of tax policy and other policies — regulatory, in particular — has been causing many Canadian firms to invest abroad rather than here at home.
We’ve got to reverse that, we’ve got to make Canada a welcoming place for investment, we’ve got to reward innovation and resilience and we’ve got to reward success…read more.