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Most Canadian provinces have ‘roared back’ amid disappearing COVID deficits: report
COVID-related expenditures, according to a new report from the Canadian Centre for Policy Alternatives (CCPA).The report, Disappearing Act: The state of provincial deficits in Canada, that CCPA senior economist David Macdonald released Thursday, finds that the provinces overall are in better fiscal shape than after the last recession.Nine out of 10 provinces are paying less interest now, as a proportion of GDP, compared to after the Great Recession in 2009-10, the report showed.As a result, paying less interest is saving the provinces a combined $6 billion in 2021-22 alone, the report showed. Canada’s Q4 GDP beats estimates, showing Omicron resilience “The important thing to take away from this is that these deficits are no longer being caused by COVID-19.