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Quebec budget

Quebec Economic and Fiscal Update

November 12, 2020
François Dupuis, Vice-President and Chief Economist • Mathieu D’Anjou, Deputy Chief Economist • Benoit P. Durocher, Senior Economist

Today’s economic and fiscal update confirms the dramatic effects of the COVID‑19 pandemic on Quebec’s public finances. Budget surpluses and the downward trend in the debt burden are well behind us and it is clear that it will take several years to restore the situation. Of course, this is far from unique to Quebec; last week, for example, Ontario reported a projected deficit of $38.5B for the current fiscal year. Moreover, with the second wave of COVID‑19, extreme uncertainty lies ahead.

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