Trade War Brings Ontario Budget Deficit to Near Pandemic Levels
Ontario's budget shortfall is expected to reach its highest level since the beginning of the Covid-19 pandemic as the effects of the trade war hurt economic growth.
The provincial government's deficit is projected to be C$14.6 billion ($10.5 billion) in the fiscal year that began April 1 — its deepest in more than a decade outside of the pandemic. The result is a much larger borrowing plan that the government anticipated in October, when it projected a deficit of just C$1.5 billion for this year.
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