OTTAWA: Ontario Premier Doug Ford's government, opening a new provincial parliamentary session on Tuesday , warned an economic slowdown could be coming to the province as Canada's central bank rapidly hikes interest rates to curb inflation.
In a speech delivered by Ontario Lieutenant Governor Elizabeth Dowdeswell, the Ford government noted a growing sense of uncertainty as the province grapples with fast-rising inflation, a generational labor shortage and high debt loads due to"unprecedented spending" on the pandemic. "Ontario, like the rest of Canada and North America, must be prepared for the possibility of a near-term economic slowdown," she added.
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