OES 2009

Ready. Set. Grow.
How we get there from here.

This year’s summit will take place in one of the most difficult years Ontario has faced in decades. Industries that have been the mainstays of the Ontario economy for years, such as manufacturing and forestry, have continued to contract, while weak demand from trading partners and domestic consumers have led to falling profits and unemployment across the economy.

The Ontario economy is expected to contract further in 2009, with the average private sector forecast of GDP at an annual rate of -1.5% (at time of writing).   A staggering 129,000 jobs were lost in Canada this past January alone.

Ontario will post an estimated 18 billion dollar deficit for the two fiscal years ending March 31, 2009 and March 31, 2010.  Ontario is not just experiencing a temporary downturn, but is also undergoing a long-term structural transition. While many will readily acknowledge that such a transition is underway, there are still many questions – and many ideas – about what the province is transitioning to: innovative, high tech powerhouse? Green economy leader? Dynamic destination for tourism and investment?

This year’s Ontario Economic Summit is an opportunity to address these questions and bring our leaders together to determine the best direction that will result in an optimum level of prosperity for the future.