Minister of Finance to Release 2021 Ontario Economic Outlook and Fiscal Review on November 4

Minister of Finance to Release 2021 Ontario Economic Outlook and Fiscal Review on November 4

October 20, 2021

Finance


The Ontario government is furthering its commitment in the Speech from the Throne to protect people’s health and the province’s economy through the 2021 Ontario Economic Outlook and Fiscal Review, which will be released on Thursday, November 4.

Peter Bethlenfalvy, Minister of Finance, will release the government’s plan to protect Ontario’s hard-won progress against COVID-19, while building the foundation for economic growth and prosperity by delivering on critical infrastructure, supporting workers, and creating the right environment to attract investment and jobs.

“The job is not done and soon I will release our government’s next fiscal update, a plan that will protect the hard work and sacrifice of the people of Ontario in our fight against the COVID-19 pandemic,” said Minister Bethlenfalvy. “The plan will also look forward, towards building a strong, prosperous province for everyone.”

The 2021 Ontario Economic Outlook and Fiscal Review will build on the 2021 Budget – Ontario’s Action Plan: Protecting People’s Health and Our Economy, which brought the Province’s COVID-19 response to $51 billion over three years, including:

  • Making available $1 billion for a provincewide vaccination plan that has seen Ontario achieve one of the highest rates of vaccination in the world.
  • Earmarking $5.1 billion to support hospitals since the pandemic began, creating more than 3,100 additional hospital beds to ensure every person who requires care in a hospital can access a bed, even during the worst of the pandemic.
  • Investing nearly $5 billion over four years to increase the average direct daily care for long-term care home residents to four hours a day and hiring more than 27,000 new positions, including personal support workers (PSWs) and nurses.
  • Delivering nearly $3 billion in urgent and unprecedented support to over 110,000 small businesses across the province through the Ontario Small Business Support Grant.

“We will remain vigilant as we continue to safely and successfully reopen Ontario together,” said Minister Bethlenfalvy. “Our government is making the necessary investments to protect the progress we’ve made while putting the right conditions in place for growth.”


Quick Facts

  • Ontario was the first jurisdiction in Canada to release a fiscal plan that reflected the potential impacts of the COVID-19 pandemic through the March 2020 Economic and Fiscal Update (Ontario’s Action Plan 2020: Responding to COVID-19). In November 2020, the government published its multi-year 2020 Ontario Budget (Ontario’s Action Plan: Protect, Support, Recover), which included significant additional investments and revised economic forecasts in the face of significant uncertainty about the pandemic. In March 2021, the government released the 2021 Budget – Ontario’s Action Plan: Protecting People’s Health and Our Economy, which brought the province’s COVID-19 response to $51 billion over three years.
  • The 2021 Ontario Economic Outlook and Fiscal Review will be the Province’s seventh financial update since the pandemic began, highlighting the government’s commitment to provide regular updates on Ontario’s finances, even amid an economic period of unprecedented uncertainty.
  • The Fiscal Sustainability, Transparency and Accountability Act, 2019 (FSTAA) sets out the requirement for the Ontario Minister of Finance to release a mid-year economic and fiscal update on or before November 15 each year.

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Media Contacts

Emily Hogeveen
Minister’s Office
Emily.Hogeveen@ontario.ca
647 294-6166

Scott Blodgett
Communications Branch
Scott.Blodgett@ontario.ca
416-728-9791


Minister of Finance to Release 2021 Ontario Economic Outlook and Fiscal Review on November 4

Minister of Finance to Release 2021 Ontario Economic Outlook and Fiscal Review on November 4

October 20, 2021

Finance


The Ontario government is furthering its commitment in the Speech from the Throne to protect people’s health and the province’s economy through the 2021 Ontario Economic Outlook and Fiscal Review, which will be released on Thursday, November 4.

Peter Bethlenfalvy, Minister of Finance, will release the government’s plan to protect Ontario’s hard-won progress against COVID-19, while building the foundation for economic growth and prosperity by delivering on critical infrastructure, supporting workers, and creating the right environment to attract investment and jobs.

“The job is not done and soon I will release our government’s next fiscal update, a plan that will protect the hard work and sacrifice of the people of Ontario in our fight against the COVID-19 pandemic,” said Minister Bethlenfalvy. “The plan will also look forward, towards building a strong, prosperous province for everyone.”

The 2021 Ontario Economic Outlook and Fiscal Review will build on the 2021 Budget – Ontario’s Action Plan: Protecting People’s Health and Our Economy, which brought the Province’s COVID-19 response to $51 billion over three years, including:

  • Making available $1 billion for a provincewide vaccination plan that has seen Ontario achieve one of the highest rates of vaccination in the world.
  • Earmarking $5.1 billion to support hospitals since the pandemic began, creating more than 3,100 additional hospital beds to ensure every person who requires care in a hospital can access a bed, even during the worst of the pandemic.
  • Investing nearly $5 billion over four years to increase the average direct daily care for long-term care home residents to four hours a day and hiring more than 27,000 new positions, including personal support workers (PSWs) and nurses.
  • Delivering nearly $3 billion in urgent and unprecedented support to over 110,000 small businesses across the province through the Ontario Small Business Support Grant.

“We will remain vigilant as we continue to safely and successfully reopen Ontario together,” said Minister Bethlenfalvy. “Our government is making the necessary investments to protect the progress we’ve made while putting the right conditions in place for growth.”


Quick Facts

  • Ontario was the first jurisdiction in Canada to release a fiscal plan that reflected the potential impacts of the COVID-19 pandemic through the March 2020 Economic and Fiscal Update (Ontario’s Action Plan 2020: Responding to COVID-19). In November 2020, the government published its multi-year 2020 Ontario Budget (Ontario’s Action Plan: Protect, Support, Recover), which included significant additional investments and revised economic forecasts in the face of significant uncertainty about the pandemic. In March 2021, the government released the 2021 Budget – Ontario’s Action Plan: Protecting People’s Health and Our Economy, which brought the province’s COVID-19 response to $51 billion over three years.
  • The 2021 Ontario Economic Outlook and Fiscal Review will be the Province’s seventh financial update since the pandemic began, highlighting the government’s commitment to provide regular updates on Ontario’s finances, even amid an economic period of unprecedented uncertainty.
  • The Fiscal Sustainability, Transparency and Accountability Act, 2019 (FSTAA) sets out the requirement for the Ontario Minister of Finance to release a mid-year economic and fiscal update on or before November 15 each year.

Share

Twitter iconFacebook iconEmail iconPrint icon


Media Contacts

Emily Hogeveen
Minister’s Office
Emily.Hogeveen@ontario.ca
647 294-6166

Scott Blodgett
Communications Branch
Scott.Blodgett@ontario.ca
416-728-9791