The federal Liberals are projecting the deficit will soar to $343-billion due to COVID-19 pandemic relief programs.

It is an historic level and $43-billion more than the highest private sector predictions.

The economic and fiscal snapshot from the government today lays out the Liberals’ belief that there will be a slow return to a new normal, with unemployment remaingin high and economic growth staying low through to at least the end of 2021.

Finance Minister Bill Morneau says the government expects nearly two-million Canadians will remain out of work this year as the pandemic drags down the economy.

The document goes on to note that even though the government believes the worst of the economic harm from the pandemic is behind us, a recovery can’t begin in earnest until there is an effective vaccine or treatment that becomes widely available.

In the event of a second wave of infections later this year, the government is forecasting a deeper and longer-lasting negative impact on the economy.

Numbers Below:

Estimated federal deficit for 2020-21: $343.2 billion

Direct federal aid to individuals and businesses as a result of COVID-19: $212 billion

Number of Canadians either laid off or had their hours between February and April: 5.5 million

Number of Canadians who applied for the Canada Emergency Response Benefit: 8.16 million

Amount government paid out in Canada Emergency Response Benefit as of June 28: $53.53 billion

Number of students who applied for Canada Emergency Student Benefit: 601,356

Amount government paid out in Canada Emergency Student Benefit as of July 2: $1.42 billion

Number of Canadians whose jobs were supported by the Canada Emergency Wage Subsidy: 3 million

Expected unemployment rate by the end of 2020: 9.8 per cent

Expected unemployment rate in 2021: 7.8 per cent

– With files from The Canadian Press