The way out of COVID-19’s economic hole looks slow, uneven and bleak: fiscal snapshot

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Discussion posted by: David McNamara

OTTAWA – The government believes rebuilding Canada’s COVID-19 crippled economy will be a slow, drawn out and uncertain challenge extending for years, even if the virus remains relatively contained. That slow forecasted recovery projected in the government’s fiscal “snapshot” comes despite the billions of economic support measures the government laid out this spring, which have added up to a stunning $343 billion deficit for this coming year. The government used its own numbers and an average of several private sector forecasters and though they offer a range there is wide agreement unemployment will be higher and GDP lower even at the end of 2021 than they were before COVID-19 hit.