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Canada is set to launch a $50 billion infrastructure fund to build projects in sectors such as hospitals, transportation and housing, as the government tries to boost an economy that’s being squeezed by U.S. tariffs.
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The fund will be one of the measures contained in Finance Minister François-Philippe Champagne’s first budget on Tuesday, according to a government official, speaking on condition they not be identified.
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Prime Minister Mark Carney, 60, has promised a budget that’s heavy on new investment to increase Canada’s productive capacity and stimulate growth, which has slowed largely because of the trade war launched by the Trump administration. Canada and the U.S. have one of the world’s largest bilateral trading relationships, but tariffs on steel, autos and other goods have damaged Canadian export sectors.
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Last week, the Bank of Canada downgraded its forecast for economic growth to 1.2 per cent for this year and 1.1 per cent for next year. Both were previously expected to be 1.8 per cent.
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The infrastructure fund was reported earlier by The Globe and Mail, which said it’s not clear how many years the money would cover.
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