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COMMENTARY: Why the government’s coronavirus spending may not lead to higher taxes
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The Parliamentary Budget Officer recently released an updated analysis of the coronavirus pandemic’s impact on the Canadian economy that forecasts the federal budget deficit will be $252 billion in 2020-21, compared to $25 billion in 2019‑20.
Such a massive deficit would represent 12.7 per cent of Canada’s Gross Domestic Product. In comparison, the deficit for 2019-20 is expected to be only 1.1 per cent of GDP, according to the PBO’s analysis.
The increase in the deficit is mainly caused by the fall in tax revenues resulting from the lockdown-induced recession and the extraordinary spending measures adopted by the government to support the economy and manage the pandemic.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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