The Canadian Press
The document says the province’s gross domestic product declined by 2 per cent in the first quarter, with economists predicting it will fall by 6.6 per cent by the end of the year.“We are in a recession today in Ontario and I would argue across Canada,” the Finance Minister said. “We are in for a difficult economic time.”
“I’m very encouraged by the progress that we’re making, in terms of both the economy and the health situation,” he said. The government predicted a $20.5-billion deficit in March, already more than double its $9-billion deficit last year. It had previously planned to balance its books by 2023, a year after the next election. Premier Doug Ford acknowledged Wednesday that will be made very difficult.“I am going to be very frank. [It was] a whole different situation six months ago, compared to now, but we’re going to continue being very fiscally conservative, responsible,” he said.
Craig Alexander, chief economist of Deloitte Canada, called Ontario’s recession “very deep” and said it looks worse than the one in 2008-09. Revenue fell by $5.7-billion, partly offset by federal government transfers, and spending was projected to be $13.1-billion higher than the amount forecast in the March economic update, largely because of COVID-related expenses.
How long until we admit the rest of Canada is right one track with Ont?
What’s the way out of it?
May Toronto bear the brunt of responsibility.
Thats what you get for makìng poor political decisions.