Canada’s general government debt rose sharply in the early 1990s, peaking at over of GDP in 1995, driven by high fiscal deficits and rising interest costs. Following extensive fiscal reforms, Canada’s debt began to decline, reaching by 2007. The 2008 global financial crisis reversed this trend, as Canada’s debt increased to in 2010 due to stimulus measures.
Debt levels remained elevated through the 2010s, with modest increases. The COVID-19 pandemic led to a significant rise, with debt peaking at of GDP in 2020. As economic recovery efforts took hold, debt reduced to by 2022, although it remained above pre-pandemic levels due to sustained public spending.
Debt levels remained elevated through the 2010s, with modest increases. The COVID-19 pandemic led to a significant rise, with debt peaking at of GDP in 2020. As economic recovery efforts took hold, debt reduced to by 2022, although it remained above pre-pandemic levels due to sustained public spending.
Find out more through related statistics on Canada’s death rate trend, Canada’s net lending/borrowing as a percentage of GDP, Canada’s central government debt-to-GDP ratio.
