The online version of the report will be published soon.
Economic and Budget Outlook, Winter 2021
This report provides an updated assessment of Ontario’s current economic outlook and the provincial government’s finances.
About this document
Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario.
This report was prepared by Sabrina Afroz, Edward Crummey, Zohra Jamasi, Jay Park, Nicolas Rhodes and Mavis Yang, under the direction of Paul Lewis and David West. External reviewers were provided with earlier drafts of this report for their comments. However, the input of external reviewers implies no responsibility for this final report, which rests solely with the FAO.
The content of this report is based on information available to February 5, 2021. Background data used in this report are available upon request.
In keeping with the FAO’s mandate to provide the Legislative Assembly of Ontario with independent economic and financial analysis, this report makes no policy recommendations.
© Queen’s Printer for Ontario, 2021
FAO’s Fiscal Projections
The FAO forecasts provincial finances based on projections of existing and announced revenue and spending policies. The FAO’s tax revenue projections are based on an assessment of the outlook for the provincial economy and current tax policies. Given the government’s discretion over spending, the FAO adopts the government’s announced spending plans from fiscal documents and incorporates policy announcements as appropriate. All average annual growth rates in this report are calculated using the year before the first indicated year as the base.
Economic and Budget Outlook, Winter 2021, Financial Accountability Office of Ontario, 2021.