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Quebec budget

Quebec: Economic and Fiscal Update

June 19, 2020
François Dupuis, Vice-President and Chief Economist • Mathieu D’Anjou, Deputy Chief Economist • Benoit P. Durocher, Senior Economist

The COVID-19 pandemic and the related confinement measures are having unprecedented repercussions on Quebec’s economy. Quebec is on its way to a historic recession with significant erosion of its real GDP in 2020. This affects Quebec’s public finance situation on two fronts. First, the sharp downturn in economic activities and significant rise in unemployment will lead to a decrease in own-source revenue. 

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