Finance Overview

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https://www.law.com/njlawjournal/2020/11/27/seeking-injunctive-financial-relief-in-family-part-eating-and-digesting-crowe/

24, the province released its mid-year fiscal update, giving Albertans a look at how the pandemic has impacted the bottom line. Finance Minister Travis Toews said there is reason to be optimistic about the update. "I can't say definitively that our toughest days are behind us, but what I can say is we are starting to see signs of some economic recovery, so that is positive," Toews said. Toews cited the improved forecast for the province's deficit as a reason for optimism. In August, when the province delivered its quarterly update, the province had projected Alberta would face a $24.2-billion deficit, but now that projection sits at $21.3 billion. That's due to increased revenues from the last quarter, investments performing better than expected, higher revenue from gaming, and federal government transfers. The revenue forecast for the current budget cycle is $41.4 billion, almost $3 billion higher than last quarter. Revenues from non-renewable resources are forecasted to drop by $3.4 billion to $1.7 billion. Alberta should face a recession that isn't as bad as what was projected initially. The province's GDP is set to shrink by 8.1 per cent in 2020, instead of the 8.8 per cent that had been originally expected. Next year, our GDP is expected to grow by 4.4 per cent.

https://www.stalberttoday.ca/local-news/finance-minister-optimistic-about-albertas-finances-2911070