Ontario resilient enough to weather possible recession, finance minister says

TORONTO — Ontario's economy can withstand a recession, the province's finance minister said Wednesday. "Ontario is absolutely resilient to be able to get past whatever the economy throws our way," Bethlenfalvy said in a third-quarter fiscal update.

Bethlenfalvy said the improvement is due to higher corporate tax revenue and increased revenue from sales taxes. Revenues are now forecast to be $9.6 billion higher than forecast in November's fall economic statement. Bethlenfalvy said the province, like the rest of the world, continues to face pressures from high inflation, increased interest rates, geopolitical issues and supply chain disruptions."Now is the time for governments to show restraint, to act cautiously and responsibly," he said.

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