Ontario’s economy expected to slow sharply, but rebound next year, fiscal watchdog says

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Ontario’s economy expected to slow sharply, but rebound next year, fiscal watchdog says
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The FAO’s economic and budget outlook report projects a deficit of $2.5-billion in 2022-2023, but says that will improve to billion-dollar surpluses through the remaining years of its projection

The province has said in its own fall economic statement that it projected a deficit of nearly $13-billion this year and smaller deficits over the next two years.

The FAO says the differences between its projections and the government’s is due to the accountability office’s lower spending projection combined with higher revenue projection.But the FAO says there is a $5-billion funding shortfall in the health-care sector and a $1.1-billion shortfall in education over that term.

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