Quebec to present 'restrained' budget amid economic stagnation
CTV
Quebec's finance minister says the budget he is expected to present will be 'restrained' amid what he describes as a provincial economy in stagnation.
Quebec's finance minister says the budget he is expected to present Tuesday will be "restrained" amid what he describes as a provincial economy in stagnation.
Éric Girard told reporters south of Montreal that the billions of dollars in wage increases recently negotiated with teachers and health care workers have further restricted the government's spending ambitions.
Quebec's real GDP, which is adjusted for inflation, contracted in the second quarter of 2023 by 0.4 per cent and by 0.2 per cent in the third quarter.
Quebec Premier François Legault has signalled that the budget will have a larger deficit than last year's forecast and that the government will delay its original plan to balance the books by the 2027-28 fiscal year.
Girard and Legault have avoided using the word "austerity" to describe the government's approach to bringing finances under control.
Legault has promised the budget will not include tax increases or cuts to services.
-- This report by The Canadian Press was first published on March 12, 2024.
