Canada Deficit Balloons to $343.2 Billion
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www.WeeklyVoice.com FRONT PAGE Friday, July 10, 2020 | A-1 Canada’s Leading South Asian Newspaper - Tel: 905-795-0639 Friday, JulyJune 10, 2, 20172020 www.WeeklyVoice.com VolVol 26, 23, No. No. 28 22 PM: 40025701 Most Canadians Have Changed Summer Plans, page 7 India Set To Break New Space Horizons, page 8 Speed Cameras Now Operational In Toronto, page 11 Canada Deficit Balloons To $343.2 Billion Finance Minister’s Fiscal Snapshot Says Substantial Ottawa Support Will Stabilize Economy OTTAWA: Canada’s deficit for 2020-21 scaled back over March and April. is expected to balloon astronomically to • Private sector economists expect an $343.2 billion from the $34.4 billion defi- annualized decline of over 40 per cent in cit projected before the COVID-19 pan- Canada’s real GDP in the second quarter demic, according to a ‘fiscal snapshot’ pre- of this year. They expect the economy to sented by Finace Minister Bill Morneau contract by 6.8 per cent in 2020, its sharp- on Wednesday in Parliament. est drop since the Great Depression, before Morneau on Wednesday delivered the rebounding by 5.5 per cent in 2021. 168-page snapshot offering a short-term • There are now growing signs that the economic analysis on federal spending worst of the economic shock is behind the and projections linked to Otawa’s response Canadian economy, as the gradual reopen- to the pandemic. ing of the economy continues. The shape Morneau said: “The COVID-19 pan- of Canada’s economic recovery is uncer- demic has had a major impact on the social tain and highly dependent on public health. and economic well-being of Canadians in • The decisive and substantial support every part of the country. For many it has provided through the government’s eco- meant lost jobs, lost hours and lost wages. Finance Minister Bill Morneau presents the ‘fiscal snapshot in Parliament. nomic response plan helped prevent fur- Our government has understood, from the ther costly damage to the Canadian econo- moment this pandemic began, that it was be better positioned to get back at it. As economy closed or curtailed their activi- my by replacing the more than $40 billion our role to step in to support Canadians economies gradually and safely reopen, ties as a result of the pandemic, the Cana- lost in labour income, preventing the con- and stabilize the economy. we will continue to ensure that Canadians dian and global economies took a severe traction in real GDP to reach over 10 per “Our investments have meant that Cana- have access to the support they need.” hit. In Canada, 5.5 million Canadians – cent in 2020 and the unemployment rate dians and Canadian businesses, instead of Here are some of the highlights: 30 per cent of the workforce – either lost to rise by a further 2 percentage points. drowning in debt and closing up shop, will • As businesses and many sectors of the their jobs or saw their hours significantly Continued on page 2 Trudeau Speaks Chinese Still Dug In; India With Mexican A Made-In-Ontario President About Plan To Spur Growth Briefs U.S., Major Nations NEW DELHI: The Indian mili- world must unite to act on Bei- The New NAFTA tary sees no pullback of Chinese jing’s pattern of aggressive be- People’s Liberation Army troops haviour seen in Ladakh, Bhutan Ottawa: Prime Minister Jus- and materiel from Pangong Lake and around Asia.” tin Trudeau on Monday spoke and Depsang in eastern Ladakh, Indian Foreign Secretary Harsh with the President of Mexico, An- government sources said. Shringla and US Under Secretary drés Manuel López Obrador. The disengagement of Indian of State for Political Affairs Da- The Prime Minister and the and Chinese troops has happened vid Hale discussed the “ongoing President agreed that the recent in Galwan valley, Hot Springs threats to the rules-based interna- entry into force of the new NAF- and Gogra post in Ladakh sector. tional order” TA would strengthen the deep However, it has not been verified On the India China border, economic ties and longstanding on the ground yet. troops have begun disengaging in friendship between Canada and Meanwhile, Indian government some areas. The disengagement Mexico, and advance social as officials have been diplomatical- started after a two-month mili- well as economic development in ly engaging with other countries tary standoff and it is happening both countries. about the tension on the India- “as per agreed terms in the Corps The Prime Minister expressed China border. Major countries Continued on page 2 regret that he is unable to travel with whom talks were held in- Premier Doug Ford talks about the new Made-in-Ontario Plan at a to Washington D.C. this week press conference on July 8. Pic: Doug Ford/Twitter clude the UK, Germany, France, and wished President López Ob- Canada, the US, Japan and Aus- rador a successful meeting with TORONTO: The Ontario gov- ter of Finance. “The COVID-19 tralia. In Ottawa, the Canadian the President of the United States, ernment is taking the first step in a pandemic has touched all Ontar- foreign ministry said,”Minister Donald Trump. made-in-Ontario plan for growth, ians and created significant hard- Champagne and High Commis- (Media reports said Trudeau renewal and economic recovery. ship for individuals, families and sioner Bisaria discussed several declined to attend the trilateral- On Wednesday, the province in- businesses,” said Premier Ford. issues of mutual concern. Min- summit, citing that he would have troduced the COVID-19 Eco- “People are relying on our gov- ister Champagne and High Com- to would remain in Ottawa week nomic Recovery Act, proposed ernment to help rebuild the prov- missioner Ajay Bisaria looked for cabinet meetings and parlia- legislation that lays the founda- ince and get people back to work forward to continuing to work to- mentary debate. Last week, , the tion to restart jobs and develop- ― and that’s exactly what we’re gether to strengthen the Canada- prime minister had cited threats of ment, strengthen communities, doing, starting with this new leg- India relationship.” new aluminum and steel tariffs by and create opportunity for people islation.” If passed, the Economic Japan this week hit out at Chi- the US also as a potential factor in in every region of the province. Recovery Act will: na, saying that it opposes any his decision.) Details of the legislation were • Restart jobs and development unilateral attempts to change the “We wish the United States provided by Premier Doug Ford, to get Ontario’s economic engine status quo in Ladakh. Tokyo also BROKER and Mexico well at Wednesday’s Steve Clark, Minister of Munici- roaring again by getting key in- announced that it was revising BROKER meeting,” spokeswoman Chan- pal Affairs and Housing, Prab- frastructure projects built faster, legislation allowing it to share tal Gagnon said. The two leaders meet Sarkaria, Associate Min- attracting more jobs and invest- defence intelligence with India. REMAX REAL ESTATE CENTRE INC., BROKERAGE discussed the significant efforts ister of Small Business and Red ment, and cutting red tape to help In Washington, Secretary of made by each country to fight the Tape Reduction, Christine Elliott, businesses adapt to the new envi- State Mike Pompeo said: “In- COVID-19 pandemic and looked Deputy Premier and Minister of ronment. dia has done its best to respond forward to their next meeting. Health, and Rod Phillips, Minis- Continued on page 2 to China’s confrontation and the New Ontario Bill Will Have ‘Emergency’ Provisions TORONTO: The Ontario gov- “The proposed legislation ing this virus at risk,” said Pre- be a government accountable to ernment on Tuesday introduced would allow us to chart a respon- mier Ford. “Even as we continue the people of Ontario. That’s why legislation that, if passed, would sible path to economic reopening certain emergency orders under I will ensure ongoing updates give the province the necessary and recovery without putting all the proposed legislation to pro- are provided and that a report is flexibility to address the ongo- the progress we’ve made in fight- tect public health, we will always tabled within four months of the ing risks and effects of the CO- anniversary of this proposed Act VID-19 outbreak. The proposed coming into force.” legislation is part of the govern- “While the declaration of ment’s plan for the continued emergency may come to an end safe and gradual reopening of the shortly, the risk posed by COV- province once the declaration of ID-19 is likely to be with us for emergency ends. some time to come,” said Solici- Details about the proposed tor General Sylvia Jones. “This legislation were provided by Pre- new legislation would provide mier Doug Ford, Christine Elliott, the government with the neces- Deputy Premier and Minister of sary flexibility to ensure select Health, and Solicitor General tools remain in place to protect Sylvia Jones. Image by Tumisu from Pixabay Continued on page 3 A-2 | Friday, July 10, 2020 NationaL www.WeeklyVoice.com THE WEEKLY VOICE EDITOR-IN-CHIEF ‘Canada Will Maintain Low Debt Advantage’ Bala Menon Continued from page 1 CONTRIBUTING WRITERS • The temporary measures Amb. Praveen Verma (Retd.) implemented through the govern- Dr. Nivedita Das Kundu ment’s economic response plan Harj Chaggar will have a significant impact on Amitabh Saxena the federal deficit. Coupled with the severe deterioration in the Graphic Design economic outlook, these result in Tamarind Tree a projected deficit of $343.2 bil- lion in 2020-21. ACCOUNT MANAGERS Manu Ramachandran • While this year’s deficit es- G Prasaad timate is elevated, the govern- Rohit Malhotra ment’s response is in line with the Maha fiscal response deployed by other comparator countries.