Deputy Prime Minister and Minister of Finance Chrystia Freeland will provide an update on the state of the Canadian economy on November 3. The Department of Finance announced on Friday the date of the anticipated economic fall statement. Freeland says: Canada is leading the global shift towards green energy following the Russian/Ukrainian invasion.

The updated economic forecasts are expected, as the Canadian economy appears to be slowing down, coming at a time when Canadians feel the effects of high inflation amid expectations of a possible recession from the Bank of Canada and economists in 2023.

The ministry said in a statement: The statement will provide information on the state of the Canadian economy in a challenging global environment and will outline the government's plan to continue building an economy that works for everyone. With the recent interest rate hike on Wednesday, the Bank of Canada expects the country's economic growth to continue slowing next year.

Global growth is also expected to decline to 1.5 percent next year, a slowdown not seen since 1982 except for the COVID-19 pandemic and the 2008 financial crisis.

Bank of Canada Governor Tiff Macklem said during a press conference on Wednesday: "This is not a sharp recession but a significant slowdown in the economy." Meanwhile, inflation remains high at 6.9 percent as the Bank of Canada sees no meaningful evidence of easing in the near term.

Freeland recently indicated that the federal government is trying to show restraint, saying it "simply cannot compensate every Canadian for every additional cost imposed by global high inflation. If we tried to do that, we would be pouring fuel on the inflationary flames."

Instead, the Liberals chose "targeted" affordability measures as the Goods and Services Tax discount nears Canadian eligible bank accounts, and the dental and housing allowance bill was passed to the Senate for a final review to pass those measures before the end of the year.

Similarly, Prime Minister Justin Trudeau said last week that "maintaining fiscal responsibility and prudence in our response is essential because we have to prepare for whatever may come in the weeks and months ahead... in case things worsen." In addition to the economic implications of the upcoming update, the document is sure to become a focal point for Conservative and New Democratic opponents who are making concerted efforts to keep Canadians' struggles to keep up with rising living costs at the forefront of policy.

Editing: Yusra Bamtarf