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Canada

Ontario reports steady finances as world worries of recession

Ontario’s finances are improving, even if it is only due to lower borrowing costs.

The province released their first quarter fiscal report on Thursday, showing the province is on-track to meet its deficit projection of $10.3 billion this year even as spending increases.

“It shows that our plan to restore Ontario’s financial health is working,” said Finance Minister Rod Phillips.

The report showed Ontario’s revenue projections were coming in $11 million lower than predicted, spending on areas such as child care and public health were higher than predicted in the budget to the tune of $182 million, and overall public expenditures were going down.

That oddity is thanks to lower than projected borrowing costs.

The province was able to renegotiate the interest rate on provincial debt, saving $220 million in the process.

Phillips was asked about and alluded to the very real possibility that a global recession could hit Ontario’s economy in the coming months.

“We live in an unpredictable world and we need the fiscal flexibility to respond to any challenges that may be ahead,” Phillips said.

Warning signs about the possibility of a recession have shown up in slowing economic growth in China and Germany.

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