That's the conclusion we arrived at. We have seen no possibility of balancing the budget in 2019-20. In fact, we see the deficit increasing to $22.3 billion by 2020-21, which is a combination of policy actions that are significant and more than offset positive economic and fiscal developments. We see a significant increase in our forecast for the deficit. However, this deficit is expected to decrease over the planning horizon, to $11.9 billion by 2023-24.
We've also made a long-range forecast, or projection. We expect the deficit to return to balance, in the absence of any further policy actions, in 2028-29.