National Bank of Canada chief economist Stefane Marion, pictured in 2017, said at a finance conference that Canada should take advantage of its "fiscal room" to spend on the economy. Photo by Paul Chiasson / The Canadian Press

One of Canada’s major lenders says Prime Minister Mark Carney will push the country’s deficit to about three per cent of its gross domestic product as his government pursues major projects and tries to attract more investment.

Stefane Marion, National Bank of Canada ’s chief economist, said he expects Ottawa’s fiscal shortfall will reach $100 billion this fiscal year, more than double the $42 billion the government forecast in December.

Speaking at Bloomberg’s Canadian Finance Conference on Tuesday, Marion called Carney’s upcoming fiscal update on Nov. 4

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