Freeland presenting updated economic picture on Nov. 3

Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting an update on the state of the Canadian economy on Nov. 3.

The Finance Department announced the date for the expected fall economic statement on Friday. 

Next week’s fiscal presentation is expected to include updated economic projections as Canada's economy appears to be slowing down, and comes as Canadians are feeling the impacts of high inflation and amid forecasts from the Bank of Canada and economists of a potential recession in 2023.

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“The statement will provide information on the state of the Canadian economy within a challenging global environment and outline the government’s plan to continue building an economy that works for everyone,” said the department in a statement.

With its latest interest rate hike on Wednesday, Canada's central bank predicted that the country's economic growth will continue slowing into next year. Global growth will also decrease to 1.5 per cent next year, a slowdown not seen since 1982, excluding the COVID-19 pandemic and the 2008 financial crisis.

"That's not a severe contraction, but it is a significant slowing of the economy," said Bank of Canada Governor Tiff Macklem during a press conference on Wednesday.

Meanwhile, inflation remains elevated at 6.9 per cent, with the Bank of Canada seeing no meaningful evidence of it easing in the near term.

Freeland has recently signalled that the federal government is attempting to show spending restraint, saying that it "simply cannot compensate every single Canadian for every single additional cost imposed by elevated global inflation. If we were to try to do that, we would be pouring fuel on the inflationary flames."

Instead, the Liberals have opted for “targeted” affordability measures, with a GST rebate soon to be hitting eligible Canadians’ bank accounts, and a dental and housing benefit bill now passed into the Senate for a final layer of scrutiny amid a pledge to see those measures passed before the end of the year.

Similarly, Prime Minister Justin Trudeau said last week that "remaining fiscally responsible and measured in our response is essential, because we have to prepare for whatever might come in the coming weeks and months... in case things get worse."

In addition to the economic consequence of the coming update, the document is sure to become a central focus for the opposition Conservatives and New Democrats who are making concerted efforts to keep Canadians' struggles to keep up with the rising cost of living top of the political agenda.

With files from CTV News' Jordan Gowling