Prime Minister Mark Carney is set to deliver an economic speech to Canadians on Wednesday, just two weeks before the hotly anticipated federal budget .

It will come as a new report from Desjardins estimates the federal budget deficit could be the highest in 30 years , outside of the Great Recession and Covid-19 pandemic years.

The federal government is expected to deliver its budget on Nov. 4 , which will include details on Canada’s defence spending commitments , as well as a clearer picture of how high the deficit could climb.

It isn’t clear yet exactly what details for the economy Wednesday’s speech may include, but it comes amid growing warnings that Canada will see a significant deficit.

Ottawa’s fiscal watchdog estimated last month that the annual deficit could climb to

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