MPP Michael Chan is pleased to announce that at a time of fundamental economic change, Ontario is supporting business by capitalizing on its diversified economy. The Province has already made significant progress on its plan to grow the economy, create jobs and promote a fair society in a balanced and fiscally responsible manner. Going forward, the Province will implement its plan to help more businesses succeed and grow, and provide opportunities for all Ontarians.
Today, Finance Minister Charles Sousa presented the 2015 Ontario Economic Outlook and Fiscal Review. The Province is now forecasting revised deficits of $7.5 billion in 2015-16 and $4.5 billion in 2016-17. This is an improvement of $1 billion in 2015-16 and $0.3 billion in 2016-17 compared with the deficit targets laid out in the 2015 Budget. The government remains committed to balancing the budget by 2017-18.
“Our government’s Fall Economic Statement confirms that we are on the right track and our responsible, progressive plan to build Ontario up is working. I am proud to deliver news to my constituents in Markham-Unionville that Ontario has become one of the strongest growing provincial economies in Canada, that economists expect that growth to continue, and that people and businesses across the province can thrive, succeed and prosper.”
— Michael Chan, M.P.P., Markham-Unionville
Ontario’s economy continues to grow in an increasingly competitive global environment. Since the 2009 recessionary low, the Province has created 559,600 jobs, the majority of which are full-time positions and in industries that paid above-average wages. The provincial unemployment rate of 6.8 per cent is below the national average. Ontario has become one of the strongest growing provincial economies in Canada, and private-sector economists expect this growth trend to continue over the next two years.
The Review outlines the government’s progress to date and its plans to help the province thrive financially while maintaining vital public services for Ontarians.
Supporting a Dynamic and Innovative Business Climate
The government is helping Ontario businesses grow and succeed so they can create rewarding, high-paying jobs and contribute to the province’s economic prosperity. Recent progress includes:
Building Modern Transportation and Infrastructure
Ontario has committed to making the largest investment in public infrastructure in its history. This investment, with more than $134 billion over 10 years in priorities such as roads, bridges and public transit, will support more than 110,000 jobs on average per year. Since the 2015 Budget, the government has announced support for more than 200 projects that will keep people and goods moving, connect communities and improve quality of life. Recent progress includes:
Working Together Towards a Stronger Ontario and a Stronger Canada
Ontarians are ready for a new collaborative approach to federalism in Canada that is driven by a set of common goals and values. The Province looks forward to working together with the federal government on a number of initiatives including implementing the Ontario Retirement Pension Plan, combating climate change, building infrastructure, sustaining health care, collaborating with our Aboriginal partners and supporting international relief efforts to help welcome and resettle refugees in the province.
The government’s economic plan is building Ontario up. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic and innovative environment where business thrives and strengthening retirement security for Ontarians.
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