The Ontario government is projecting a deficit of $12.9 billion for the 2022-2023 fiscal year, which it says is about $7 billion lower than expected, according to the province’s fall economic statement released today.
The province is expecting its deficit to decrease over the next two years, becoming about $8 billion next year before dropping down to $700 million in the 2024–25 fiscal year.
Government officials say a nearly $7-billion improvement in this year’s $19.9-billion deficit from the spring budget is largely due to higher nominal GDP and inflation.
Ministry of Finance officials say there is a high degree of economic uncertainty, and under a faster economic growth scenario Ontario could see a $9.2-billion surplus in 2024-25, while under a slower growth scenario, the deficit that year could be $8.5 billion…. Source
Ontario Projects $12.9 Billion Deficit for This Year in Fall Economic Statement
November 15th, 2022 Awake Goy
Foxconn Replaces 60,000 Factory Workers with Robots
GOP Governors Issue Joint Statement Backing Texas In Its Border Fight With Feds
EU Sanctions Egypt over Death of Italian Giulio Regeni – Any Questions?
Get Woke, Go Broke? It's Time To Talk About SVB's Ties To The World Economic Forum
Boycott US Products: How To Confront America’s Brutal Practices Economic Wise
Traveling to India: Cluelessness of economic think tanks on Iran