Ontario racked up a deficit of 38.5 billion dollars through the first quarter of 2020.
That’s the figure provided by Finance Minister Rod Phillips.
He says the large number is the result of the government providing extra funding to cope with COVID-19.
“Underlying this economic crisis is the health crisis,” explains Phillips.
“And so that’s why the work that Ontarians have been doing, the work that our public health officials have been doing and that’s why the investments frankly our government has been making in supporting the fight against COVID-19 are vital to the economic recovery.”
Phillips says Ontario’s economy is scheduled to grow by 5 per cent next year, but only if we have a handle on COVID-19.
Since we announced our initial response to COVID-19, a lot has changed. And it’s time for another update. Today I can report that under Premier Ford’s leadership, our government is making available $30 billion in response to COVID-19. https://t.co/gZQeNdowaX pic.twitter.com/4dhlU0Bl4i
— Rod Phillips (@RodPhillips01) August 12, 2020
