New : Quebec revises its economic growth downward

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