by Auditor General Kim Adair says there’s been a significant increase in the province’s net debt and net debt-to-GDP ratio in her December financial report.
However, she also says this is understandable given the COVID-19 pandemic and the need for government intervention to address the effect on the province’s economy.
Adair says the province posted its first deficit in five years in 2020-21 and its net debt-to-GDP ratio climbed to 36 percent.
She says the situation underscores the need for a long-term provincial economic recovery plan.
She says several provinces, including Alberta, British Columbia, and New Brunswick, have released their blueprints for recovery with strategies for creating jobs and increasing investment.