Today, Ontario’s Minister of Finance, the Honourable Peter Bethlenfalvy, announced the 2022 Fall Economic Statement at Queen’s Park. The Statement, named Ontario’s Plan to Build: A Progress Update, reveals the latest fiscal update. Minister Bethlenfalvy emphasized a focus on putting “more money back into the pockets of the people”, building infrastructure, and creating more jobs for the people of Ontario.
Ontario’s Plan to Build: A Progress Update is centered around economic growth and supporting Ontarians with the high cost of living they are experiencing. Key topics include a focus on the cost of living, cutting red tape, skills training, support for small businesses and support for senior citizens.
The provincial surplus for the 2022-2023 fiscal year is significantly higher than forecasted with a $2.1 billion surplus, as opposed to the $33-billion deficit initially projected in the 2022 budget. A $12.9 billion deficit is projected for the 2022-23 year.
The Government of Ontario is expecting a real GDP growth of 0.5% in 2023, 1.6% in 2024 and 2.1% in 2025. These figures are down from the previous projections of the Government. The former projections were 3.1%, 2% and 1.9% respectively.
The Government of Ontario also released the first ever Building Ontario Progress Report along with the Statement today. The report includes information and transparency on how key infrastructure investments are progressing.
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This afternoon, Peter Bethlenfalvy, Ontario’s Minister of Finance, delivered the 2023 Budget in the Ontario Legislature.
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