TORONTO, Ont. – In his fall economic statement released Monday, Ontario Finance Minister Dwight Duncan said the province remains on track to eliminate the deficit by fiscal 2017-2018.

He also said the deficit projection for the current fiscal year is $14.4-billion — more than $400-million less than the 2012 budget forecast. All this is due to higher-than-expected revenues.

• Click here to read the full text of Dwight Duncan’s speech

Duncan added it won’t speed up the process of eliminating the red ink as promised in 2017-2018, but they’re chipping away at it.

“The global economy is going through uncertain times. Governments around the world cannot sit idly by and wait for the uncertainty to pass,” Duncan said.

Duncan also said he’s still working with the Progressive Conservatives to gain their support for a bill to freeze pay for public sector workers.

He also projected growth in real gross domestic product of two per cent in 2012, 1.9 per cent in 2013, 2.3 per cent in 2014 and 2.4 per cent in 2015.