Trade war could permanently shrink Canada’s GDP by two per cent: PBO

The budget watchdog forecasts the nation's deficit at $50.1-billion in 2024-25, up $2.2-billion from the government's December projection, but down from last fiscal year's $61.9-billion deficit.

Parliamentary Budget Officer Yves Giroux released an updated economic and fiscal outlook on March 5.The Hill Times photograph by Andrew Meade

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BY RIDDHI KACHHELA

March 6, 2025

Parliamentary Budget Officer Yves Giroux has crunched the numbers on how the tariffs and counter-tariffs triggered this week will hit Canada’s economy, and it doesn't look pleasant.

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