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News Details
November 25, 2008ONTARIO: WORKING TO ENHANCE INTERNATIONAL TRADE FOR ONTARIO BUSINESSESRecent federal, provincial and private-sector forecasts show that in tough economic times, Ontario remains a stable, sound location for business, trade and economic growth.
The Ontario government's recently released fall Economic Outlook and Fiscal Review for 2008 - highly anticipated due to the global financial crisis that has paralyzed financial markets - highlights challenges ahead, as well as Ontario's capacity to weather the economic turmoil and seize opportunities to strengthen economic growth, support Ontario businesses, and strengthen the province's trade capacity in foreign markets.
In the recent Economic Outlook and Fiscal Review, Ontario Finance Minister Dwight Duncan announced government projections that Ontario's real gross domestic product (GDP) will grow 0.1 percent in 2008, and revenue will decline, resulting in a small deficit of $500 million in 2008-09.
Despite these challenges, Minister Duncan reassured Ontario-based businesses that the government of Ontario works "hard to protect the services Ontarians value while enhancing Ontario's global competitiveness."
Over the past five years, Ontario's government has placed the provincial economy on a new, stronger foundation, opening up seven new international trade offices, enhancing international trade, and moving aggressively to exploit opportunities outside of Canada. The investments made by Ontario's government will help Ontario weather today's economic storm and better prepare the province for the new economy of the 21st century.
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Ontario's Global Presence
