The end-of-year financial results show that the ongoing challenges associated with the pandemic continue to impact Manitoba's economy.
Finance Minister Scott Fielding shared an optimistic message in an announcement Thursday morning.
"We see indications of economic growth and a low unemployment rate, but far too many people are still unemployed. Both the Public Accounts and the First Quarter report are within the budgeted targets. When considering the COVID-19 costs that are included in both years, the government continues to show its ability to manage the finances in turbulent times."
COVID-19 has left a significant impact on Manitoba's finances, leaving the province with a deficit of $2.117 billion as of March 31st, 2021.
Fielding carried on and concentrated on the province's commitment to protecting Manitobans,
"We are focused on Manitoba's recovery, and budget 2021 set aside nearly $1.2 billion for the ongoing COVID-19 response and to prepare the province for future economic shocks and challenges. Although our focus is to continue to protect Manitobans through the ongoing pandemic, we have made a commitment to once again return to balance within the next eight years."
According to the province, the provincial unemployment rate currently sits at 5.7 percent, ranking the best in the country.
After employment fell by 90,300 net jobs in April 2020, Manitoba's labour market has reportedly almost returned to pre-pandemic levels.
Between April 2020 and August 2021, Manitoba's labour market regained 79,500 net jobs.
Minister Fielding stressed that the province doesn't expect COVID-19 to disappear.
"The biggest risk to the provincial economy remains the impact of COVID-19, notably the variants of concern."
Manitoba has had a strong rebound in 2021 with projected GDP growth of 4.9, which the government hopes will return Manitoba's economy and employment levels similar, if not higher, to where they were before the pandemic began.
