Ontario to release 2022 economic outlook as province faces possible recession
CBC
Ontario is set to deliver its updated 2022 economic outlook Monday, as the province faces an uncertain fiscal environment in the months ahead.
Minister of Finance Peter Bethlenfalvy is slated to table the document in the legislature at around 1 p.m. ET.
In September, the government revealed it ended the last fiscal year with a $2.1-billion surplus, despite projecting a $13.5-billion deficit.
At the time, Bethlenfavy attributed the surplus to higher-than-forecasted revenues and inflation, and nominal GDP growth more than five points higher than the average private sector forecast at the time of the spring budget.
Monday's outlook comes as governments around the world deal with economic headwinds like sticky inflation, rising interest rates and the increasing likelihood of a recession next year.
Economists at CIBC said in a report last month that Ontario is expected to be among the provinces most affected by an economic slump, in part due to high household debt, a downturn in the real estate market and tightening labour conditions.
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