Quebec is headed toward a deficit of historic 14.9 billion $ in 2020-21 due to the pandemic, which has forced the closure of nearly 40% of the economy.
“The province has been hit full force by the sanitary measures”, stated from the outset, a portrait of the economic and financial situation ” unveiled on Friday by minister Eric Girard. Not less than 820 500 jobs have been lost as a result of the COVID-19. The stabilization reserve is to sec.
The total cost of the epidemic is estimated at 6.6 billion $. Just in masks, gowns and protective gloves, Québec will this year not less than $2.3 billion.
The government Legault has set aside a reserve of four billion dollars to cope with a possible second wave.
Revenues have shrunk to $8.5 billion
Filed just before the confinement, the minister of Finance’s budget forecast growth of 2% in real GDP. The government now expects a contraction of real GDP of 6.5% in 2020. The public treasury has seen its revenues melt $8.5 billion.
The impact of the epidemic of coronavirus on Quebec’s gross debt is not negligible. It will expand this year at 22.9 billion $. By 2021, it is expected that gross debt will reach 222 billion $.
A return to a balanced budget is expected in the next five years. The minister Girard has ruled out a tax increase to get there. “Quebecers are already sufficiently taxed”, he insisted.
20 000 tests per day?
Nearly 500,000 screening tests for the coronavirus have been carried out across the province, up to now, an expense of $ 25.7 million. “With a daily goal currently set at 20 000 tests, the government envisages expenditure of up to $ 200 million by the end of this financial year,” says the economic update.
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