On November 15, the Government of Ontario released its 2018 Fall Economic Statement entitled “2018 Ontario Economic Outlook and Fiscal Review”, which provides an update on the government’s finances and announces commitments for the upcoming 2019 Budget.
The government is projecting steady, moderate growth in Ontario’s economy, with real GDP forecasted to rise by 2 percent in 2018. The Fall Economic Statement forecasts a deficit of $14.5 billion in 2018-19, down by $0.5 billion from the previous year. Growth is expected to be more modest over the next four years due to limited economic capacity, higher interest rates, and slowing US growth.
The Ontario Chamber of Commerce has provided a brief overview of the government's plan and we have added our Peterborough perspective to it.
One of the most constant refrains from our business community is the amount of red tape and regulation they are required to complete and the time it takes away from their business. We look forward to seeing how red tape reduction is rolled out.