b'POST-PANDEMIC ECONOMICSThe 2023 federal budget and uncertainty for the Canadian economyWARREN HEELEYT odays budget contained theThis is a statement from First LakeThe budget commentary also recognized least new funding or initiativesSolutions in their analysis report forthe probability of a small, short-term for the skilled trades in recentMCAC and the Canadian Institute ofrecession in the latter portion of 2023 memory. This reflects a deteriorating fiscalPlumbing & Heating (CIPH) on theand a return to modest growth in 2024. situation, as well as a sense among govern- 2023-2024 federal budget. The budgetThe government also unveiled limited ment officials that a tight labour marketwas tabled by Deputy Prime Ministerspending to grow the economy, create with an overheated construction sectorand Finance Minister Chrystia Freelandnew jobs and protect the environment, as should level off when interest rate hikesin the House of Commons on Marchwell as support for six key areas including start to bite in the infrastructure space.28, 2023. Though there were a fewbuilding affordable housing, public health There is a strong hesitation against doingbudget announcements that impacted theand a fair tax system.anything that would quickly pour fuel onconstruction and mechanical sectors, theThe Minister announced that, statistically, fiscal plan for the next year is based on that fire, and new funding could only leadcurbing extravagant spending from theCanadas economy is at 103 per cent to further tightening and increased labourpandemic era to reduce of the pre-pandemic level, and that a costs for construction businesses. inflationary pressures.record-high 80 per cent of Canadians 12 www.mcac.ca'