Québec's 2023 Budget: Sticking to the Script
The Province of Québec released its 2023 budget on March 21, 2023. Despite softening economic conditions, the budget points to a gradual improvement in the fiscal outlook and stabilization of the debt burden. While the government has taken advantage of a robust recovery in economic and fiscal conditions (post-pandemic) to move forward with tax relief and increased spending on priority areas, it has maintained its focus on fiscal discipline and longer-term debt reduction. As a result, we believe Québec is well positioned to withstand current economic headwinds without undue erosion in its credit profile.
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