Conservative Member of Parliament Leslyn Lewis has raised alarms over Canada's escalating national debt, projecting it will hit $2.9 trillion by 2030—equivalent to nearly 80% of the country's gross domestic product.
In a recent statement, Lewis highlighted the fiscal trajectory, noting that current borrowing trends under the Liberal government led by Prime Minister Mark Carney are unsustainable.
"By 2030, Canada's national debt will reach $2.9 trillion, nearly 80% the size of our entire economy," she posted on X. "That means more tax dollars wasted on interest, and less available for the services Canadians rely on."
Official projections from the Parliamentary Budget Officer and Finance Canada support the gravity of the situation. As of March 31, 2024, the federal debt stood at $1,236.2 billion, up $63.1 billion from the previous year, according to the Annual Financial Report of the Government of Canada.
Public debt charges are forecasted to climb from $53.7 billion in 2024-25 to $69.4 billion in 2029-30, driven by higher borrowing and long-term interest rates, per the 2024 Fall Economic Statement. Statista estimates the national debt will reach $2.6 trillion by 2029, with the debt-to-GDP ratio hovering around 110% in 2024 before potentially easing slightly.
Lewis's figure accounts for continued deficits amid U.S. tariffs and domestic spending pressures.
With Canada's economy valued at approximately $3.7 trillion in nominal GDP projections for the late 2020s, an 80% debt load could strain future budgets, especially as interest payments consume a growing share of revenues.