Ontario's projected deficit quadruples to $5.6B as interest rates, inflation pressure economy
Ontario faces a longer path to fiscal balance than projected in last spring’s budget, the Ministry of Finance says, as elevated interest rates and stubborn inflation put pressure on the province’s economy.
![Ontario's projected deficit quadruples to $5.6B as interest rates, inflation pressure economy](https://i.cbc.ca/1.7015578.1698870112!/cumulusImage/httpImage/image.jpg_gen/derivatives/16x9_620/peter-bethlenfalvy-ontario-finance-minister.jpg)
![Fnance minister Peter Bethlenfalvy delivers the provincial budget, at Queen’s Park, in Toronto, on March 23, 2023. Fnance minister Peter Bethlenfalvy delivers the provincial budget, at Queen’s Park, in Toronto, on March 23, 2023.](https://i.cbc.ca/1.7015578.1698870112!/cumulusImage/httpImage/image.jpg_gen/derivatives/16x9_620/peter-bethlenfalvy-ontario-finance-minister.jpg)
Ontario faces a longer path to fiscal balance than projected in last spring’s budget, the Ministry of Finance says, as elevated interest rates and stubborn inflation put pressure on the province’s economy.