The combined provincial budget deficit is on track to swell from $10.6 billion last year to $27.9 billion this year. Total provincial net debt is expected to climb by more than $65 billion this upcoming fiscal year, which is a record annual increase and more than twice the underlying budget deficit, according to BMO.
Rising debt levels are also leading to higher expenses every year in interest payments. 'We're seeing most provinces feeling some financial pressure,' said Pedro Antunes, chief economist at the Conference Board of Canada.
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