The keynote speech, delivered by David Rosenberg, Chief Economist and Strategist for Gluskin Sheff + Associates Inc. was witty and informative. Rosenberg managed to entertain the crowd with self-directed humour and humbleness while addressing the serious economic challenges facing both Canada and the United States.

Highlights from the session included:

• Rosenberg sharing with the crowd Bob Farrell’s “10 Market Rules to Remember.” Farrell, the former Chief Stock Market  analyst for Merrill Lynch and Company was credited by Rosenberg as a great influence in his success and knowledge in the industry.
• Rosenberg joked that Canadians cannot seem to agree on two aspects; the Canadian dollar or hockey teams. Just as Canadians disagree avidly on the best Canadian hockey team, we cannot, as Rosenberg pointed out, seem to make up our minds as to when the Canadian dollar is at its most satisfactory level. Canadians either see the dollar as too high or too low, making it difficult to find common ground
• Canada, despite facing its own economic challenges, is in a better position than the United States. Investors are more interested in investing in our country as Rosenberg stated the Canadian dollar is expected to continue appreciating which is only beneficial as profits can be gained.

Rosenberg concluded that Canada is in a better economic position than the United States as global investors see Canada as a safe and stable place to invest.

Written by: Elizabeth Morris and Milica Petkovic

During the opening evening of the 7^th annual Ontario Economic Summit (OES), Len Crispino, President and CEO of the Ontario Chamber of Commerce (OCC), applauded all attendees’ for their willingness to come together to map out a path for post-recessionary growth and productivity. It is the collaboration and cooperation at the OES that will secure a future for Ontario.

The keynote speaker of the evening, Hamish McRae – Economist and Associate Editor of The Independent – spoke to delegates about the optimistic future of the Canadian economy. He says, “There is no such thing as a plan, but a mission that can be handed on.”McRae, also outlined the four major global trends, affecting the economy:

• Technology – brings business to an almost level playing field, as communications technologies have become virtually universal
• Demography – The developed world is getting older and the emerging world is “younger.” There are higher pressures in learning how to manage the young and how to utilize the older population
• Government - Governments will have to learn how to work within their means and prepare for the future. Governments cannot operate alone and need help from business communities
• Environment- McRae highly suggests all companies “Go Green.” It is a great advantage in terms of cost for Canadians and instills a strong reputation for business

To conclude the evening, Gordon Pitts – author of Globe and Mail Business Report- facilitated a question and answer period with McRae. Active participation from guests brought up issues concerning Canada’s government, education, “cashless” society, and manufacturing.

Written by: Katie Laviolette and Stephanie Porter

The 2010 Ontario Economic Summit (OES) will feature a Q&A session led by Gordon Pitts, a veteran business journalist of 34 years. Currently a senior writer for the Globe and Mail, Pitts has lead coverage on major issues impacting the economy both domestically and internationally.

As a five time author, Pitts was the winner of Canada’s National Business Book, Stampede: The Rise of the West and Canada’s New Power Elite. Pitt’s diverse understanding of business and economics will have an overall positive impact on the 2010 OES.

The Q&A session will feature Hamish McRae, one of Europe’s leading futurists on global economics, business and society. The inaugural evening will set the stage for what will be an exciting and noteworthy summit that will lay the groundwork for a more competitive and prosperous future for the Province.

Economists have long acknowledged that economic forecasting is far from a precise science. It’s therefore no surprise that some of the country’s leading economists are at odds over whether a recovery has taken hold, or if we’ve already entered a second downturn.

On the one hand, there are those who believe our economy is facing a better than expected fiscal situation and is showing signs of recovery. The current debate for them is whether we need additional fiscal stimulus or whether the status quo should be maintained. According to a recent article in the Financial Post, “the federal Conservative government plans to introduce three new measures in the coming weeks aimed at boosting the country’s economy and stoking job creation”.  It’s reported that the focus will be on job creation through lower taxes and fiscal restraint as opposed to a heavy influx of government assistance, as has been the case in the United States in recent months.  In a recent blog by Glen Hodgson, Chief Economist at the Conference Board of Canada, predicts that “if spending restraint can be kept on track, the federal government should be able to balance its books a full year earlier than projected. The federal debt-GDP ratio will peak at about 35 per cent in 2010-11—still well within manageable levels and significantly better than every other major industrial economy.”

On the other hand, some economists believe the road to recovery is still a long way away. One such economist is David Rosenberg , Gluskin Sheff’s Chief Economist and Strategist. In one of his articles, he raises “the odds of a double-dip recession in the United States from 45% a month ago to 67%, based on his firm’s in-house economic modeling”, which will of course affect our own economy due to our inter-dependent trading relations with the U.S.

Participants will hear both experts outline their forecasts and provide further insight at the 7^th Annual Ontario Economic Summit (OES) in Niagara-on-the-Lake from November 1-3, 2010.   Some spaces still remain for interested senior-level leaders to attend the OES.

Image: CBC (www.cbc.ca/.../iStock_recession_recovery.jpg)

We are pleased to announce that David Rosenberg, Chief Economist & Strategist at Gluskin Sheff + Associates Inc. will provide a global economic overview at this year’s OES.  OES delegates can expect invaluable insight into the state of the global economy including what might be in store for Ontario, Canada and the world as we continue along the road to recovery.   Also expect some recommendations on how to position our economy for sustainable growth.  Rosenberg has raised eyebrows with his bearish outlook on the economy – recently stating the dreaded “Double Dip” actually began in Q3 of this year.

Prior to joining Gluskin Sheff in 2009, Mr. Rosenberg was Chief North American Economist at Bank of America-Merrill Lynch in New York and prior thereto, he was a Senior Economist at BMO Nesbitt Burns and Bank of Nova Scotia.  From 2001 to 2008, Mr. Rosenberg was ranked first in economics in the Brendan Wood International Survey for Canada, ranked second overall in the 2008 Institutional Investors Survey for the U.S., and was on the Institutional Investor All American All Star Team from 2005-2008. Mr. Rosenberg also ranked 4^thout of 104 economists in the 2009 Thomson-Extel survey of global portfolio managers.

He has made several TV appearances and his articles feature regularly in all the major financial and business newspapers/journals. He is a guest columnist for Globe Investor and Report On Business.

Mr. Rosenberg received both a Bachelor of Arts and Masters of Arts degree in Economics from the University of Toronto.