COVID-19 Update for July 8, 2020 – 4:15pm
Today, the provincial government introduced omnibus legislation, COVID-19 Economic Recovery Act, that intends to “lay the foundation to restart jobs and development, strengthen communities, and create opportunity for people in every region of the province.”
Federal Economic Snapshot
Federal Finance Minister Bill Morneau presented an Economic and Fiscal Snapshot in the House of Commons. The Snapshot provided the first estimate of Ottawa’s bottom line since a December report that was released prior to the COVID-19 pandemic. The 168-page document can be found here.
Minister Morneau told reporters that the government intends to release a budget or full fiscal update in the fall.
Top Figures from Today’s Economic and Fiscal Snapshot
- Canadian deficit sits at $343 billion, compared to $19.8 billion last year.
- Canadian national debt approaching $1.2 trillion by March 2021.
- Employment in mining and oil and gas has fallen by over 15%.
- 3 million Canadian workers have had their job supported through CEWS and growing.
- The household debt/income ratio has reached 175%, nearly a record.
- The GDP fell by 6.8% as of May 2020.
- Servicing the national debt will actually cost $4 billion less than forecast last fall.
- 5.5 million Canadians (30% of workforce) have had their jobs impacted by COVID-19.
- Canadian GDP won’t return to pre-COVID levels until at least Q1 2022.
COVID-19 Modelling Numbers
During his morning brief, the Prime Minister said while overall cases of the coronavirus in Canada are declining some areas of outbreak remain, namely in long-term care facilities and in farm settings. This was later confirmed by Deputy Chief Public Health Officer Dr. Howard Njoo who presented the latest COVID-19 data for Canada.
The data showed that there are lingering hotspots in Ontario and Quebec – which makes up 87% of overall cases. Dr. Njoo also highlighted that while transmission between older groups was on the decline, there had been a slight increase in spread among those aged 20-39. Mandatory face masks in hotspot cities and the Canada-US border closure is helping lower transmission rates of COVID-19.
We hope you are finding these COVID-19 updates useful. In addition to trying to keep on top of the fast-changing situation, Enterprise is also working to support local charities during these challenging times. If you are able, your contributions to this effort would be deeply appreciated.
To donate, please click on the organization below:
- Toronto – Food Banks Canada
- Thunder Bay – Food Banks North West
- Hamilton/Niagara – Hamilton Food Share
- Alberta – Hope Mission
Stay safe. Stay healthy.
The Enterprise Team