Despite steep budget deficits, successive provincial governments have been unwilling to reduce spending.
The government projects a budget deficit of $21.5 billion for 2021-22.
In the recent past, the province's recessions have been followed by extended periods of debt growth.
The average annual growth rate in investment in residential structures was only 1.4 per cent.
At 48.8 per cent, Ontario’s net debt-to-GDP ratio this year will be the highest in provincial history.
The province’s nominal debt will rise from $440 billion in 2021/22 to $504 billion in 2023/24.
Ontario's debt interest costs will rise by 21 per cent.
Between 2000 and 2019, New York's average per-person GDP growth more than doubled Ontario's growth rate.