BC predicts ڈالر 4.8 billion deficit as province’s revenue rises – Sanch News

BC Finance Ministry estimates show improvement in economic growth, declining next year as the initial slow recovery due to COVID-19 epidemics continues.  (BC government)

BC Finance Ministry estimates show improvement in economic growth, declining next year as the initial slow recovery due to COVID-19 epidemics continues. (BC government)

BC predicts a $ 4.8 billion deficit with an increase in the province’s revenue.

Tax hikes, less than half the federal transfer forecast

The BC government raised 6. 6.2 billion more than its spring budget forecast for the first quarter of the fiscal year.

In response to Cove 19, the promise to increase federal funding and federal childcare funding reduced the projected deficit for 2021-21 to 4. 4.8 billion. With higher personal and corporate income taxes and natural resource revenues than expected, the finance ministry reported Monday. This was offset by increased provincial spending on services such as health care, and the cost of severe wildfires in BC.

BC’s GDP is now projected to grow by 6.0% in 2021 and 4.0% in 2022, with steady improvement in employment. The BC unemployment rate was 6.2% in August, up from 13% at the start of the epidemic in early 2020.

“We are all affected by the epidemic, and the collective action of British Columbine has brought us together through this unprecedented challenge,” Finance Minister Selena Robinson said September 13. Restoration and our better outlook


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