OTTAWA | The federal minister of Finance, Bill Morneau, will announce on Wednesday that the country’s budget deficit will exceed $ 300 billion this year, reported the Globe and Mail Tuesday evening.
The minister Morneau should announce this record deficit, which is linked to many measures of stimulation of the economy and the fight against the pandemic adopted in the last few months, on the occasion of a presentation of the state of the economy before the house of Commons to 13: 40.
The amount of $ 300 billion advanced by the Globe, which cites sources that are not named in the government, means that the deficit would be more than 10 times higher than that anticipated prior to the pandemic.
This amount is also much higher than estimated by the parliamentary budget officer. The latter had estimated in may that the deficit could reach approximately 252 billion $.
The country’s debt will likely be the cap of 1000 billion $. The GDP of Canada, for its part, amounted to approximately 2,300 billion $ at the end of the first quarter of 2020, an amount that has since greatly declined as a result of the implementation of the pause of the economy to combat the pandemic.
According to the Globe, the presentation of economic Mr. Morneau on Wednesday will not include any new measures to stimulate the economy rocked by the confinement imposed by the COVID-19.