Liberals to provide fiscal snapshot amid COVID-19

Canadians will get a glimpse of how the economy is doing on Wednesday.

Finance Minister Bill Morneau is set to release what the government has styled a fiscal and economic snapshot.

The government has spent more than $174 billion on COVID-19 emergency aid programs.

So far they haven’t officially attached a figure to the fiscal year’s deficit.

The parliamentary budget office has suggested the deficit could be as deep as $252 billion.

Morneau’s document is also to provide the government’s view for the economy over the coming months.

The Bank of Canada has said it believes the economy has avoided a worst-case scenario due to COVID-19 but is still in for a rough ride this year.

The federal government normally provides an economic update in the fall, after tabling a budget in the spring.