Ontario's budget deficit projected to triple to $9.8bn in next fiscal year due to slowing economic growth and higher borrowing costs.

Ontario's budget deficit is projected to more than triple in the next fiscal year, hitting $9.8bn, as the province delays its goal of balancing its budget by another year. The increase is attributed to slowing economic growth and higher borrowing costs, leading to increased spending on areas such as housing and healthcare. The province's deficit is expected to be $3bn for the current fiscal year, which ends in March.

March 26, 2024
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