OES 2010

2010 ECONOMIC CONDITIONS

2009 was a challenging year for Ontario with record?high unemployment, scarce financing, restricted lending, a strong currency and downward global consumption. Following the global recession, Ontario is now showing signs of recovery. Ontario’s economy has been picking up speed and is expected to continue to grow with real GDP growth projected at 2.7 per cent in 2010. Labour and housing markets are improving, interest rates are expected to rise to reduce inflation but are still low, and an increase in trade is expected. Financing opportunities are improving as the effects of the credit crunch are lessened. Ontario faces an uphill battle in managing the current deficit, estimated at $21.3 billion: the 2009 and 2010 budgets provide a starting point to help establish a more competitive investment climate. The critical needs for heavy investments in infrastructure and education, fiscal reforms, and a plan for better inclusion of, and sustained growth for Northern Ontario, have been recognized. Government efforts are necessary but cannot be relied on solely to revive Ontario’s stimulus. Confidence is growing, both on domestic and international fronts, and Ontario now needs to reposition itself as a global leader that is moving forward and towards long?term sustainability and prosperity. How can this be achieved? We believe, as do many of our leaders, that we already have the necessary tools in hand but simply need to refocus our attention and lead the way by thinking more creatively, working more collaboratively and becoming a model to others. With Innovation, Partnership and Leadership as the key elements of our equation, the solution can only be a stronger Ontario. The 2010 OES is an opportunity to address these key issues and engage leaders from across the province to debate and determine the best course of action to help Ontario gear up for prosperity. We know our challenges and will address them head on. This year, we are turning our attention to improving the movement of goods via better transportation infrastructure, accelerating innovation & fostering collaborations, decreasing red tape & creating smarter regulation, and reviewing our ability to expand a highly skilled workforce to ensure our lasting competitiveness on a global scale.

Read complete preliminary framework.