Quebec Finance Minister Eric Girard has cut his projections for the province's economic growth in 2024 and warned that Canada has entered a period of economic 'stagnation.
Quebec Finance Minister Eric Girard has cut his projections for the province's economic growth in 2024 and warned that Canada has entered a period of economic"stagnation."
Tax credits and government benefits will rise by 5.08 per cent starting Jan. 1, 2024, above the 2.71-per-cent inflation rate he forecast for the coming year. The government predicts that inflation will clock in at 4.63 per cent in 2023. Girard said the country's economy has not entered a recession — usually defined as two consecutive quarters of negative growth — and that other indicators, such as the labour market, consumer confidence and production of goods and services, remain stronger than would be expected in a recession.
Quebec's operating deficit will be just over $3 billion — up from an estimated deficit of $1.67 billion in the spring budget. That will rise to more than $6.1 billion after the government makes payments to a fund dedicated to reducing the province's long-term debt. The economic update includes $1.8 billion over five years to build 8,000 social and affordable housing units, the cost for half of which will be paid by the federal government. Girard said 500 of those units will be for people who are experiencing homelessness.
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