Province projects $38.5 billion deficit

PHILLIPS

Finance Minister Rod Phillips says the province's deficit for 2020-21 is projected to be $38.5 billion.

This is due to a massive downturn in projected revenue and an increase in expenses due to the pandemic.

Phillips says recessions typically can take 28 to 88 months to fully recover economically, but he's cautiously optimistic about some economic recovery that's been seen in the province so far.

In March, the deficit was projected to be just over $20 billion.