The Canadian Chamber of Commerce’s President and CEO, Perrin Beatty, released the following statement in response to the government’s economic snapshot:
“[July 8,2020] economic statement projected a deficit of 343 billion dollars with a debt-to-GDP ratio of 49.1% a sum that will undermine Canada’s fiscal capacity for decades.
As snapshot demonstrates, these measures have come at an enormous price- one that far exceeds even the most pessimistic estimates – and their cost will continue to mount throughout the coming year and beyond. Declining government revenues mean that the burden will be borne by an economic infrastructure that has been badly damaged.
Recovery must start along the Main Streets of this country. The Canadian Chamber has proposed a 51-point Roadmap to Recovery. We ask governments to focus on growth with the same energy and commitment that they directed toward lockdowns and subsidies.
Read the full article here.