Quebec deficit shrinks as province shows strong pandemic rebound
CBC
Quebec's economic future is brighter than expected with the post-pandemic deficit expected to be $6.8 billion for this fiscal year — about $5.4 billion less than forecast in March — according to the government's latest economic update.
Finance Minister Eric Girard presented the update, saying the government will use the extra cash to invest in health care, create incentives to combat the labour shortage, as well as offset daycare costs and the impact of inflation on low-income people.
Girard announced an additional $10.7 billion in additional spending over the next five years, since the March 2021 budget, bringing total investments announced this year to $13 billion.
"The year 2021 is a year of exceptional growth,'' he told reporters in Quebec City.
"Quebec growth is going to outpace U.S., Canada, the world average. So this is giving us means. It's giving us $6 billion over the horizon of the financial framework."
Girard said Quebec's response to the pandemic was part of that recovery.
"Because of our high vaccination rate, because we respected the rules, this allowed us to open the economy and perform well."
But the update also gave a clearer picture of just how much the pandemic has cost the Quebec economy.
So far, the government has spent $7.6 billion on pandemic response and is expecting to spend another $6 billion in 2021-22.
In all, COVID-19 will likely cost Quebecers as much as $17.3 billion, according to the update as spending is expected to continue until 2026, including financial incentives tied to recovery, as well as nurse-retention bonuses.
Girard said Quebec's economy is recovering more quickly than expected from pandemic restrictions and lockdowns.
Just one year ago, Quebec reported a historic deficit of $15 billion.
Economic growth in the province is forecast to reach 6.5 per cent this year, 2.3 per cent more than anticipated in March.
Girard says Quebec is still on target to balance its budget in 2027-2028, a goal set last spring.
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