Ontario finance minister to table fall economic update

Ontario Finance Minister Peter Bethlenfalvy is set to table a fall economic statement on Thursday, predicting a significant increase in the province's deficit. The current fiscal year's deficit is now expected to be $16.9 billion, up from the previously projected $13.8 billion due to U.S. tariffs and higher oil prices. These factors have also led to a halving of Ontario’s anticipated economic growth, further straining the province's finances. Despite this, Bethlenfalvy has promised a "focused, disciplined, and responsible approach" to managing the deficit but acknowledges that deficits are necessary in the current economic environment. The surge in red ink is expected to continue, with next year’s projected deficit potentially reaching $12.7 billion.