Quebec Finance Minister Eric Girard tabled the Update on Québec’s Economic and Financial Situation (Fall 2023) this morning.
Here are the key highlights:
- Projected economic growth in 2023 in Québec (0.6%) similar to last March’s forecast. For 2024, economic activity adjusted downward from 1.4% to 0.7%.
- Despite a global economic slowdown, the government maintains its objectives of returning to a balanced budget in 2027-2028 and reducing the net debt burden to 30% of GDP by 2037-2038.
- Investments totalling an additional $4.3 billion over the next five years to prioritize Quebecers.
- Indexation by $2 billion per year of the tax system and social assistance benefits for Quebecers.
- Construction of 8000 new social and affordable housing units, including 500 for homeless people.
- $145 million to combat homelessness and enhance food aid.
- $329 million to support construction and accelerate training for patient-care attendants.
- $696 million to sustain climate change adaptation initiatives, mitigate the risks associated with forest fire and support the forestry sector.
- Additional assistance of $265 million in 2023-2024 for public transit.
- Wealth gap with Ontario narrowed from 16.1% to 13.5% between 2018 and 2022.
- Consultation with experts from the private sector and universities to identify levers for increasing Québec’s economic potential.
- Enhancement of the investment and innovation tax credit and simplification of the investment tax assistance plan.
Read the Update on Québec’s Economic and Financial Situation (Fall 2023): http://quebec.ca/update