Canada’s health-care spending projected to outpace economy in 2024: report – National

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Canada’s health-care spending projected to outpace economy in 2024: report – National

By Hannah Alberga

The ********* Press

Posted November 7, 2024 8:24 am

1 min read

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The ********* Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per *********.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

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This year’s health spending is estimated to represent 12.4 per cent of Canada’s ****** domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

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Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the ******* States and Sweden.

The report notes that the ********* dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

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