Carney’s Defense Spending Will Add Up to $46 Billion to Economy, CIBC Says

The economic gains of Prime Minister Mark Carney’s defense spending boost will likely be worth more than double the planned investment costs, according to Canadian Imperial Bank of Commerce economists.

The C$31 billion ($22.4 billion) that Carney’s government has earmarked for additional defense outlays through the fiscal year ending in 2029 may boost Canada’s economy by as much as C$64 billion, CIBC’s Benjamin Tal and Katherine Judge said in a report Wednesday.