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.