Canada has the firepower to invest billions of dollars in the green transition over the coming years to make it more competitive with the United States, analysts said, while also ensuring its public finances stay on a sustainable path.
But she has also promised investments in response to the U.S. Inflation Reduction Act , which contains $369 billion in incentives for consumers and businesses to make the low-carbon transition there. She said these investments will encourage people to build the clean economy in Canada.
"At this point in the economic cycle, you're better off saving if the spending isn't needed," said Rebekah Young, head of resilience economics at Scotiabank.William Foster, vice president and senior credit officer at Moody's Investors Service, said Canada has committed to getting deficits "back on track" after the massive pandemic spending. Moody's has a 'Aaa' rating - the highest - on Canada's sovereign bonds, with a stable outlook.
Promised investments in the green transition will not "be overly inflationary" and they would provide certainty for investors and businesses, Bartlett said. "They'll build themselves a buffer," Young said, because future economic shocks could undermine growth and therefore make it more difficult to lower the ratio.
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