Shiloh
Editor, Senior Moderator
Source: https://montrealgazette.com/news/qu...-financial-reckoning-for-quebec-amid-pandemic
Quebec to post historic $14.9B deficit in 2020-2021 as virus ravages economy
Author of the article:
Philip Authier • Montreal Gazette
Publishing date:
0 minutes ago • 4 minute read
QUEBEC — The province is headed for a staggering, historic deficit of $14.9 billion for 2020-2021 as a result of the ravages of the COVID-19 pandemic on public finances.
In an economic update tabled Friday, Finance Minister Eric Girard said Quebec has been “hit hard” by the 100-day pandemic, forcing the province to spend massive amounts on health and relief measures for people in confinement and businesses that were forced to close.
At the same time, its revenues — from taxes and other fees — have plunged by $8.5 billion as the economy ground to a halt, creating a perfect storm nobody saw coming.
While Girard was projecting a balanced exercise for the year in his March 10 budget, Friday’s update says Quebec’s projected deficit will be $14.9 billion, the biggest in the province’s history — even higher than in wartime.
The $14.9-billion deficit includes a $4-billion provision to mitigate further potential economic and health risks related to a possible second wave.
Article content continued
Girard, who described his update as a snapshot of Quebec’s finances in a chaotic time, revealed he does not anticipate being able to balance the books for the next five years...
Quebec to post historic $14.9B deficit in 2020-2021 as virus ravages economy
Author of the article:
Philip Authier • Montreal Gazette
Publishing date:
0 minutes ago • 4 minute read
QUEBEC — The province is headed for a staggering, historic deficit of $14.9 billion for 2020-2021 as a result of the ravages of the COVID-19 pandemic on public finances.
In an economic update tabled Friday, Finance Minister Eric Girard said Quebec has been “hit hard” by the 100-day pandemic, forcing the province to spend massive amounts on health and relief measures for people in confinement and businesses that were forced to close.
At the same time, its revenues — from taxes and other fees — have plunged by $8.5 billion as the economy ground to a halt, creating a perfect storm nobody saw coming.
While Girard was projecting a balanced exercise for the year in his March 10 budget, Friday’s update says Quebec’s projected deficit will be $14.9 billion, the biggest in the province’s history — even higher than in wartime.
The $14.9-billion deficit includes a $4-billion provision to mitigate further potential economic and health risks related to a possible second wave.
Article content continued
Girard, who described his update as a snapshot of Quebec’s finances in a chaotic time, revealed he does not anticipate being able to balance the books for the next five years...