Queen's Park, Ontario legislature, exterior

Ontario is set to release its fall economic statement on Nov. 4.

The economic outlook and fiscal review will provide an update on the province’s finances, such as its deficit projections.

Finance Minister Peter Bethlenfalvy says the pandemic elevates the importance of the upcoming financial statement.

He says it will focus on investments in health care and other ways the province continues to battle COVID-19.

But Bethlenfalvy also says it will look to the future, including building infrastructure such as roads, transit and broadband.

The latest projection for the 2021-2022 deficit is $32.4 billion, and the government said in its recent speech from the throne that economic recovery from the pandemic will be fuelled by growth, not spending cuts or tax hikes.