Fall economic statement braces for tough times ahead

Fall economic statement braces for tough times ahead
Bobbi Ann Brady

By MPP Bobbi Ann Brady

To The Haldimand Press

The Ontario government has cut the province’s deficit forecast but is bracing for an economic slowdown.

A deficit of $19.9 billion for the fiscal year was projected in the April 2022 budget. However, during the fall economic statement (FES) last week, Ontario Finance Minister Peter Bethlenfalvy downgraded that projection to $12.9 billion thanks to a stronger-than-expected economic recovery. That positive economic recovery, according to economists, will slow in 2023.

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