Ontario resilient enough to weather possible recession, finance minister says

Queen's Park seen in August 2021. (Craig Wadman / CTV News)

Ontario's finance minister says the province's economy is resilient enough to withstand a possible recession.

Peter Bethlenfalvy says the fiscal situation has improved by billions of dollars, although still running at a deficit.

The province is reporting a $6.5 billion deficit for the 2022-23 fiscal year, an improvement of $6.4 billion from its fall economic statement.

Bethlenfalvy says the improvement is due to higher corporate tax revenue and increased revenue from sales taxes.

He says after unprecedented investments during the pandemic, it's now time for the province to show restraint.

Bethlenfalvy says the province, like the rest of the world, continues to face pressures from high inflation, increased interest rates, geopolitical issues and supply chain disruptions.

This report by The Canadian Press was first published Feb. 15, 2023.