In the recent past, the province's recessions have been followed by extended periods of debt growth.
ontario government debt
At 48.8 per cent, Ontario’s net debt-to-GDP ratio this year will be the highest in provincial history.
Real per-person economic growth was 9.1 per cent in Ontario compared to 26.1 per cent in the rest of Canada.
The province’s nominal debt will rise from $440 billion in 2021/22 to $504 billion in 2023/24.
Ontario's debt interest costs will rise by 21 per cent.
The provincial net debt-to-GDP ratio went from about 5 per cent in the 1960s to more than 40 per cent in 2020.
Quebec reduced its debt-to-GDP ratio by 3.4 per cent.
Within two fiscal years of Chretien's 1995 budget, federal finances had moved from large deficits to surpluses.