Supporting economic growth in Ontario.
Each year the Ontario Economic Report (OER) presents the collective voice of our membership through the Business Confidence Survey, the Business Prosperity Index and the Economic Outlook. The report provides a snapshot of the past year and a look at the year ahead.
This year, the OER focuses on building economic opportunity for Ontario and is aimed at shaping and informing future public policy. In 2019, the OCC will be engaging its members, government and other leaders to explore the issues outlined in the OER and develop the necessary solutions to drive forward a stronger Ontario.
Click to tweet: Read the OCC’s third annual Ontario Economic Report aimed at shaping and informing future public policy in the province. https://occ.ca/ontario-economic-report/ #StrongerOntario #OER2019
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The OCC regularly surveys its members in order to understand what’s top of mind for Ontario businesses. This data provides a grassroots look at the economy and can reveal developing trends in business activity.
New research shows that businesses are gaining confidence in Ontario’s economic outlook as well as gaining confidence in themselves. Despite a more optimistic outlook for 2019, decreasing levels of organizational and economic confidence over the years have impacted business’ willingness to invest, take risks, and adopt technological advancements.
Exclusive to the Ontario Economic Report, the OCC in partnership with the Canadian Centre for Economic Analysis (CANCEA), presents the Business Prosperity Index (BPI), an original measure of the ability of Ontario’s businesses to invest in the future. The BPI looks beyond the GDP and instead considers the process of wealth generation from business production and investment activities. This version includes the most up-to-date data from 2000 to 2018.
The BPI suggests that while the overall level of prosperity is high, continued investment in both the public and private sector are required to support long-term economic growth.
Over the next year, Ontario’s economic growth is forecasted to slow as the province confronts capacity limits, a likely increase in interest rates, and a predicted reduction in government spending. This is expected to continue to have a disproportionate impact on rural and remote regions, as evidenced by higher unemployment and stagnant population growth in areas such as Northern Ontario.
Major issues like the province’s fiscal situation, high input costs, and embracing technological innovation are still top of mind for Ontario’s businesses and will require thoughtful policy solutions. Beyond this, we believe there are two interconnected issues the province must successfully navigate to realize its potential: addressing the skills mismatch which 75 percent of our members named as critical to their competitiveness, and addressing regional economic disparity to foster more inclusive economic growth.