The province's government debt burden equals 38.7 per cent of the provincial economy.
The province's spending is forecasted to be $29.4 billion higher than previously projected for 2022/23.
Despite years of criticizing its predecessors for reckless spending, the Ford government has followed a similar fiscal path.
Compared to Ontario, the average per-capita GDP is 32.7 per cent higher in the rest of the Great Lakes region.
The province’s nominal debt will rise from $440 billion in 2021/22 to $504 billion in 2023/24.
Between 2000 and 2019, New York's average per-person GDP growth more than doubled Ontario's growth rate.
According to government forecasts, Ontario’s debt will climb to $502 billion in 2023/24.
By fiscal year 2023/24, Ontario's provincial net debt will eclipse $503 billion.