High interest rates are expected to take a toll on Ontario's economy this year, the province said in its 2024 budget, which includes projections of weak economic growth and a ballooning deficit.Finance Minister Peter Bethlenfalvy tabled the government's $214-billion budget at Queen's Park Tuesday, saying it is investing in housing, roads and public services during a time of uncertainty without raising taxes."These investments and more are a signal to Ontarians of our commitment to keep building Ontario while retaining a prudent, targeted and a responsible approach to public finances," Bethlenfalvy said at a news conference.The 200-page document forecasts Ontario's deficit will more than triple from $3 billion last year to $9.8 billion in 2024-2025 — the highest non-COVID budget deficit since former premier Kathleen Wynne's 2014 spending plan.Last year's budget predicted Ontario would be back in the black with a modest surplus of $200 million by 2024-2025. Now, the province doesn't expect to return to balance until 2026-2027 — the year of the next election — when a $500 million surplus is projected. (ICE TORONTO)

Fonte notizia: https://www.cbc.ca/news/canada/toronto/ontario-budget-2024-1.7155581