Ontario now anticipates a $38.5 billion budget deficit this fiscal year.
ontario government debt
The province expects a $33.1 billion deficit next year.
Over the next three fiscal years, Ontario’s cumulative deficit will hit a forecasted $99.7 billion.
In fiscal year 2022/23, Ontario's government debt interest costs will reach $13.9 billion.
The Ford government has said this week's budget will focus on COVID response measures.
Ontario’s net debt more than doubled in one decade, to $324 billion in 2017.
The province's deficit this year will be 4.6 per cent larger than the Ontario economy.
Ontario’s electricity prices increased by 71 per cent.
Ontario entered this recession with an already elevated government debt burden.
In 1990, Ontario’s debt-to-GDP ratio stood at 13 per cent.