Quebec to send billions to seniors, workers as growth stalls
BNN Bloomberg
A sharp decline in economic growth in Quebec won’t stop the provincial government from handing out billions to residents coping with high inflation.
The economy in Canada’s second-largest province will grow just 0.7 per cent next year, according to projections in Finance Minister Eric Girard’s economic and financial update on Thursday. That’s down from a forecast of 2 per cent in his March budget.
Girard confirmed the government plans to spend more than $13 billion (US$9.6 billion) over five years on a fiscal package it’s calling the “anti-inflation shield”. The biggest item is a $8.1 billion tax credit for seniors over 70 — the amount will rise from $411 to US$2,000.
“The economy is definitely slowing, there are risks,” Girard said at a news conference in Quebec City, citing the rapid rise in interest rates. “The cumulative effect of the Bank of Canada’s 400 basis points has not yet reached the economy.”
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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