Canada’s Minister of Finance and Deputy Prime Minister provided an economic and fiscal update for 2021 highlighting some of its continued pandemic response promises and new support for certain sectors. Chrystia Freeland says Canada has exceeded its goal of creating a million jobs, ahead of expectations.

She suggests the best economic policy is a strong public health policy, and outlined federal investments to ensure free booster shots are available to all eligible Canadians, to procure pediatric vaccines, provide millions of rapid tests to provinces, territories and Indigenous communities for free, and support a standard proof of vaccination credential across the country.

A new $60-million fund will deliver support for workers in the live performance sector, and Freeland states that targeted programs will continue to provide wage and rent subsidies to tourism and hospitality businesses, as well as organizations facing deep and enduring losses.

In her fiscal update, Freeland mentioned that Canada has the second fastest jobs recovery in the G7, and the country has recouped 106 per cent of the jobs lost at the depths of the pandemic, compared to 83 per cent in the United States. Canada’s GDP is expected to return to pre-pandemic levels by the first quarter of next year.

Freeland says global challenges like inflation, supply chain disruptions and climate change are driving up the cost of living. On Monday, the federal government renewed the Bank of Canada’s two per cent inflation target to help ensure the current inflation rate doesn’t become entrenched.