In its fall economic statement, Premier Doug Ford's Progressive Conservative government projected a deficit of nearly $13 billion this fiscal year and smaller deficits over the next two years
TORONTO — Ontario's economy will be "doom and gloom" before bouncing back next year, the province's fiscal watchdog said Tuesday.
"We're going to have a little bit more of the doom and gloom, but it's not going to be as bad as I think people are afraid of," said financial accountability officer Peter Weltman.The differences between the FAO's projections and the government's is due to the accountability office's lower spending projection combined with higher revenue projection, it said.
The majority of that money is largely due to a contingency fund, money that is excluded in the watchdog's projections because the purpose of that money has not yet been announced, Weltman said. Weltman took issue with the large contingency fund, which he said is usually in the $1-billion range. The premiers were in Ottawa on Tuesday to meet with Prime Minister Justin Trudeau as they try to finalize a deal on the Canada Health Transfer.
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