Canada to spend big to ‘punch way out of Covid recession’

Canada announced 81 billion dollars in spending to help its battered economy recover from the pandemic and set a greener course with a new climate target.

The finance minister said, “We must punch our way out of the Covid recession. That means ensuring lost jobs are recovered as swiftly as possible, and hard-hit businesses rebound quickly.”

Funds are earmarked to build domestic vaccine production facilities and new affordable housing to end homelessness. Students will also get a break on interest on their loans.

One of the single largest line items in the budget aims to help companies cut their CO2 emissions, roll out carbon capture and storage technologies and switch to hydrogen fuel. The budget also sets out an accelerated plan to cut Canada’s greenhouse gas emissions.

Economists surveyed by the government forecast Canada’s economy will grow 5.8 percent this year and four percent in 2022, after contracting 5.4 percent last year.


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