Ottawa, November 30 The Canadian government released a financial report on November 30 that it plans to invest 70 billion to 100 billion Canadian dollars (about 0.8 US dollars) over three years to stimulate economic recovery.
The report also said that due to the substantial increase in the government’s fiscal spending in the fight against the coronavirus epidemic, the government’s fiscal deficit will reach 382 billion Canadian dollars in this fiscal year (April 2020 to March 2021), which is higher than previously estimated and far higher than the previous fiscal year’s deficit level.
Canadian Deputy Prime Minister and Finance Minister Freeland told the House of Representatives that huge financial support was necessary in the face of the impact of the epidemic on the economy. Although Canada’s fiscal deficit has risen to unprecedented levels, the second wave of the epidemic is in full swing, and the federal government needs to continue to provide assistance.
Freeland also said that the government will take a series of measures to create jobs and support economic growth in the next three years.