On November 12, 2020, Quebec Finance Minister Eric Girard presented the province’s second economic update since the 2020-2021 budget was tabled in March.
The Coalition Avenir Québec (CAQ) government predicts $30 billion in deficit spending over three years. Similar to their provincial counterparts, there is a strong focus on economic recovery. Pandemic-related spending over the next three years includes $1.8B ear-marked for net-new recovery funding. $4 billion had previously been committed to during the spring budget tabling.
“We must collectively tackle one of the worst crises in Québec’s history and the government will take every necessary step,” Quebec Finance Minister Eric Girard said. “The new recovery measures announced today allow us to increase confidence and ensure greater predictability for investment projects.”
Quebec’s small businesses, tourism and rural communities were the hardest hit by, economically by COVID-19. Offsetting the biggest economic impacts, $1.5 billion of the $1.8 billion will accelerate the province’s economic recovery through:
- $477 million in spending to support business investment projects and regional economic development;
- $459 million to help get Quebecers back into the labour market;
- $247 million to promote Quebec production and buying locally; and
- $287 million to address mental health issues, to better adapt educational settings and to support the tourism sector.
The remaining $300 million is earmarked for the Plan for a Green Economy.
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