WINNIPEG – The province has released an economic and fiscal update in the wake of coronavirus.

Premier Brian Pallister says the expected deficit for 2020-21 will be in the range of $2.9 billion, with a downside risk of a deficit of up to $5 billion. It all depends how the economy recovers.

“The COVID-19 pandemic generated unprecedented public health and economic impacts in our province, which continue to be magnified by the global nature of this crisis,” said Pallister. “Growing our way out of this pandemic financial hole is the only way forward, which is why our government is focused on getting Manitobans back to work, and restarting our economy.”

The province is investing $2.1 billion to fight the virus and restart the economy which is the second-highest proportion of spending of any province as a percentage of GDP.