Former prime minister worries about Canadian economy
Oct 25, 2021
Ottawa (Canada), October 25: Former Canadian Prime Minister Jean Chretien said on Sunday that he is concerned about the future of the country's economy because of the increasing inflation rate.
In an interview with CTV, Chretien said Canada is moving into a dark alley as its annual inflation rate hit a near 20-year high.
Canada's annual inflation continued rising to 4.4 percent in September 2021, the highest since February 2003, due to increased prices for transportation, shelter and food, according to Statistics Canada on Wednesday.
September was the sixth consecutive month that headline inflation had clocked in above the Bank of Canada's target range of between one percent and three percent.
Chretien said the Canadian government "had no choice" when it came to going deep into deficit to respond to the COVID-19 crisis, and there will be difficult circumstances coming. "We're printing money like crazy."
"We're moving into a dark alley, but we'll have to go to the end of the alley," Chretien said.
He said that with the economy and rising cost of living top of mind for many Canadians, Canada will "have to face it."
"With the pandemic... it was so unusual that they have done something that is unusual," he said. "The reality will hit and we'll face it, but they had no other choice."
Source: Xinhua
