Summary
CIBC senior economist Warren Lovely said Manitoba's projected $592-million deficit for the 2009/10 budget year is in keeping with what other Canadian province's are experiencing with their pocketbooks. The province released the anticipated deficit on Tuesday in its second-quarter financial report. It's a $640-million negative adjustment to the $48-million summary surplus the province projected in the March budget.
"What Manitoba is going through is not dissimilar to what other provinces are going through in the rest of country," Lovely said. "I think it's safe to say that back in March the full extent of the weakness in the economy wasn't appreciated by anybody."See the full content of this document
Extract
Economist Blames Red Ink On Recession
A looming provincial budget deficit of about $600 million is more a symptom of the global recession than a government that can't control its spending, a Toronto e...
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