TORONTO, Reuters The Canadian province of Ontario on Tuesday forecast its budget deficit would more than triple in the upcoming fiscal year as economic growth stalls and it spends more on housing and roads, as well as measures to ease the cost of living.

Ontario, Canada39;s most populous province and home to Toronto, its largest city, said its deficit would widen to C9.8 billion 7.2 billion, or 0.9 of gross domestic product, in 202425, from an estimated C3 billion in the current fiscal year, which ends on March 31.

A deficit is also expected in 202526, of C4.6 billion, before a shift into surplus in 202627, one year later than was projected in a fiscal update in November.

The province forecast that economic growth would slow to 0.3 in 2024 from an estimated 1.2 in 2023, held back by higher borrowing costs since the Bank of Canada raised interest rates last year to a 22year high of 5 to cool inflation.

Some other Canadian provinces, such as Quebec and British Columbia, have also projected wider deficits.

In the face of global economic uncertainty and high interest rates that continue to put pressure on Ontario families, our government is taking a responsible approach by investing to rebuild Ontario39;s economy without raising taxes, Finance Minister Peter Bethlenfalvy said in a statement.

The province is investing more than C190 billion over the next 10 years to build and expand highways, transit, homes, highspeed internet and other critical infrastructure.

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