Ontario should see a “modest” rebound from the slowing economy next year with growing revenues and budget surpluses that raise questions about the Ford government’s deficit projections, Ontario’s independent Financial Accountability Office says.
In its latest report on government finances, the watchdog agency forecasts a provincial deficit of $2.5 billion this fiscal year —projected in Finance Minister Peter Bethlenfalvy’s fall economic statement last November.
— where patients are struggling with long wait-lists as hospitals cope with staff shortages — and education, with students are trying to catch up after months of online learning because of COVID-19. Weltman repeated his own concerns from last fall that a government contingency fund that has grown to $3.5 billion annually from the traditional $1 billion is “pretty high.”
“The Conservative government pretends that they do not have the money needed to pay health care or education workers the wages they deserve,” Bowman, an accountant, added in reference to Ford’s court challenge of a ruling that struck down his Bill 124 wage restraint legislation. Weltman’s office forecasts provincial growth as measured by gross domestic product will fall to just over 0.5 per cent in 2023 — down from 5.2 per cent in 2021 and an estimated 3.7 per cent last year before picking up steam again in 2024.
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