Ontario, Canada's most populous province and economic engine, projected on Wednesday its budget deficit would widen to a record C$38.5 billion ($29.09 billion) in 2020-2021 as it raised support for the economy ravaged by the coronavirus crisis.
TORONTO - Ontario, Canada’s most populous province and economic engine, projected on Wednesday its budget deficit would widen to a record C$38.5 billion in 2020-2021 as it raised support for the economy ravaged by the coronavirus crisis.
The province boosted projected COVID-19 support measures to C$30 billion from C$17 billion in March, when its estimate for the deficit was C$20.5 billion. “The size of the deficit was not unexpected given all of the events of the past few months as well as the additional measures that will be implemented through the remainder of the year,” said Brian Calder, a portfolio manager at Franklin Templeton Canada.
Program expenses are projected to be C$174.2 billion in 2020-2021, which is C$13.1 billion higher than estimated in March, while revenues are seen C$5.7 billion lower at C$150.6 billion as the economy contracts.
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