Ontario resilient enough to weather possible recession, finance minister says

TORONTO — Ontario’s economy can withstand a recession, the province’s finance minister said Wednesday.

Peter Bethlenfalvy said the province’s financial situation has improved by billions of dollars, although still running at a deficit for the current fiscal year.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.

Bethlenfalvy said the improvement is due to higher corporate tax revenue and increased revenue from sales taxes.Revenues are now forecast to be $9.6 billion higher than forecast in November’s fall economic statement.Article content Bethlenfalvy said the province, like the rest of the world, continues to face pressures from high inflation, increased interest rates, geopolitical issues and supply chain disruptions.“Now is the time for governments to show restraint, to act cautiously and responsibly,” he said.

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