This deficit will push the total debt for the fiscal year ending March next year to 1.2 trillion Canadian dollars. A year ago, the total debt estimate was 765 billion Canadian dollars.
According to this budget, the ratio of Canada’s debt to GDP reached 49.1%, compared with the estimated value of 30.1% in December last year.
At the same time, the statement also stated that the unemployment rate in the second quarter of 2020 was as high as 14%. It is estimated that by the end of 2021, the unemployment rate will be restored to the level before the outbreak of the new coronary pneumonia, and returned to 7%.
GDP will achieve a 5.5% rebound in 2021.
(Originally titled “Canadian Federal Budget Deficit Up to 343 billion Canadian Dollars, reaching the highest level after World War II”)