Canada Had Largest Debt Increase Among G7 Countries Over Last Decade: Fraser Institute

Flags of (L–R) Germany, Canada, France, Italy, Japan, Great Britain, the United States, and the EU are displayed for a G7 Foreign Ministers Meeting at the City Hall in Muenster, western Germany, on Nov. 3, 2022. Wolfgang Rattay/POOL/AFP via Getty Images

Canada’s total government debt has grown substantially since 2014 and has outpaced nearly every other advanced country’s around the world, according to a new study from the Fraser Institute.

The study, “The Deterioration of Canada’s Finances Internationally” released May 15, compared Canada’s finances during the last 10 years to that of 40 other advanced countries internationally, including G7 countries. The authors found that Canada experienced one of the largest increases in government size over the last decade and now has one of the highest debt burdens of any advanced economy country.