Canada's Prime Minister Carney has announced the launch of the largest - scale economic transformation since World War II. The core measures include tax cuts for the middle class starting from July (a two - income family can save 825 Canadian dollars annually), the removal of internal trade barriers within the federation, reducing the proportion of temporary workers and international students to less than 5% by 2027
Canada Launches Largest - scale Economic Reform since WWII
Canada's Prime Minister Carney has announced the launch of the largest - scale economic transformation since World War II. The core measures include tax cuts for the middle class starting from July (a two - income family can save 825 Canadian dollars annually), the removal of internal trade barriers within the federation, reducing the proportion of temporary workers and international students to less than 5% by 2027, and promoting trade diversification to reduce dependence on the United States, which accounts for 75% of Canada's exports. In terms of fiscal reform, the operating and capital budgets will be distinguished. The growth rate of public service expenditure will be limited from 9% to 2% in the next three years to balance the operating budget. The deficit for this fiscal year is expected to be 62.3 billion Canadian dollars.
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Facing the trade friction between Canada and the United States, Carney plans to meet with Trump to discuss tariff issues and promises to use 20 billion Canadian dollars in tariff revenue to assist the impacted industries. For example, 750 people have been laid off at the Oshawa plant of General Motors. The cabinet will take office on May 12, and the government's policy platform will be released on May 27. It will strengthen economic and trade cooperation with reliable allies, emphasizing that "Canada possesses the resources and values needed by the world."
These comprehensive reform measures indicate Canada's determination to reshape its economic structure and enhance its economic resilience in the context of complex international economic situations. The world is watching closely how these measures will unfold and impact Canada's economic future.
