Montréal, July 8, 2020 – The Chamber of Commerce of Metropolitan Montreal acknowledges the Economic and Fiscal Snapshot presented today by the Honourable Bill Morneau, Canada’s Minister of Finance.
“The health and economic crisis brought on by COVID-19 is unprecedented. The Government of Canada has demonstrated agility, quickly implementing measures to support both businesses and individuals, and the Chamber has commended its response on several occasions. Spending $230 billion on direct support to manage the crisis was necessary to keep Canadians healthy and limit the economic impact,” said Michel Leblanc, President and CEO of the Chamber of Commerce of Metropolitan Montreal.
“We understand that these extraordinary circumstances have resulted in a record deficit. We praise the government for its desire to avoid raising taxes. However, the government will need to present a plan for reducing the debt-to-GDP ratio in order to avoid passing the debt on to future generations,” added Mr. Leblanc.
Recovery measures
“The Government of Canada must give itself room to manoeuvre so that it can invest in economic recovery. It must also get the millions of Canadians who have lost their jobs back to work. To do so, the government will need to review the conditions for support programs like the Canada Emergency Wage Subsidy (which will need to be extended for some sectors), and confirm when the Canada Emergency Response Benefit and the Canada Emergency Student Benefit will end,” continued Michel Leblanc.
Canada’s major cities have been severely affected by the health crisis, but they must be able to keep driving the economy. Montréal must be given particular attention. Although the health situation is now controlled enough to allow most economic activity to resume, the effects of the crisis will be long-lasting. Hard-hit sectors such as culture, tourism, hospitality and air transportation will need additional targeted support. The city’s downtown core, which is suffering greatly from the absence of office workers, students and tourists, will also need specific support,” concluded Michel Leblanc.
About the Chamber of Commerce of Metropolitan Montreal (CCMM)
With a network of over 8,000 members, the CCMM is active on two fronts: being the voice of the Montréal business community and delivering specialized services to businesses and their representatives. With its finger on the pulse of current events, it acts on issues that are decisive for the prosperity of the city’s businesses. With the support of the Acclr experts, the CCMM’s goal is to accelerate the creation and growth of businesses of all sizes, at home and around the world.
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Source:
Sylvie Paquette
Coordinator, Strategy and Public Affairs
Chamber of Commerce of Metropolitan Montreal
Tel.: 514 871-4000, Ext. 4015
spaquette@ccmm.ca
Facebook: www.facebook.com/chambremontreal
Twitter: @chambremontreal
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