The Canadian government reported that amid the Covid-19 coronavirus pandemic, the nation is projecting a 343 billion Canadian dollar (About 241 billion United States dollars) deficit for the upcoming fiscal year, marking an increase of over 1000% compared to the previous year. When compared to the nation's Gross Domestic Product, this deficit is the largest for Canada since the Great Depression and the World War Two. Currently, almost 6 million people or about a third of the nation's workforce is unemployed or laid off, and the Canadian economy is expected to shrink by nearly 7% this year.
As of now, the Canadian government has paid out about 80 billion dollars in individual emergency relief, and is aiming to spend a total of just over 82 billion dollars on wage subsidy programs in the coming year. Statistics organizations estimate that the unemployment rate may stay at about 10% for the remainder of the year.
Health Canada has reported over 106,000 confirmed cases of the Covid-19 coronavirus alongside over 8,700 Covid-19-related mortalities. Over 70,000 people have recovered so far while some 3 million tests have been conducted.
Note: The statistics and numbers regarding the Covid-19 coronavirus were retrieved from Health Canada (https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html), and is accurate as of 14:58 local Vancouver time on July 8th, 2020. The first photo is my personal photo taken in Toronto while the second and third images were retrieved from the public domain and do not require attribution or citation for commercial use. Despite being a Canadian myself, I sadly lost my job and do not have any Canadian dollars left in my wallet. I guess this pandemic has hit my finances hard... Anyways... If you've somehow read this far, I just wanted to say a great big thank you for supporting my blog!
