The team that put the country’s finances back on track in the 1990s says that, even though the pandemic has hurt the economy, the economic crisis Canada faced more than 25 yearsIn 1993, then-prime minister Jean Chrétien tasked his newly appointed Finance minister, Paul Martin, with getting the country’s books back in order after years of deficits. At the time, Canada was almost $42 billion in the red, with a federal debt-to-gross-domestic-product ratio of 67 per cent.
Canada is once again suffering financially, this time because the pandemic has disrupted supply chains, threatened businesses, and cost many Canadians their jobs. “The government today isn’t facing a financial crisis; it faces a pandemic crisis,” Clark said. “If you look at Canada relative to every other advanced economy, but let’s just choose the G7, their debt ratios are on an exponential track above 100 per cent.”
Martin said he has “great confidence” in Finance Minister Chrystia Freeland, and believes the government made the right call by focusing on pandemic relief.
'Ottawa' ?. It's a city.