According to CCTV news, the brief description of the 2020-2021 fiscal budget submitted by the Canadian Minister of Finance Bill Moneau to the Parliament on the afternoon of 8th local time shows that the federal budget deficit is as high as CAD 343 billion. The highest level after World War II.

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”)