A report from the Conference Board of Canada projects Saskatchewan will lead the country in economic growth in 2022.
Its outlook for the Saskatchewan economy will see GDP grow 7.9 per cent in 2022, largely driven by the energy sector and commodities.
“Saskatchewan’s economy had shrunk 0.3 per cent in 2021, almost entirely due to a devastating drought that limited output in the agricultural sector, however The Conference Board of Canada anticipates a significant recovery in 2022 with GDP volumes to grow 7.9 per cent. Although agricultural yields will be below average, soaring wheat prices have led to an increase in seeded area on farms” says a news release.
The Conference Board projects Alberta to be second in economic growth this year at 6.6 per cent.
“The oil and gas sector is anticipated to play a major role in the province’s growth, however, there are mitigating factors that could constrain its potential. Alberta is also set to see major investment in petrochemical manufacturing, with construction of three major facilities set to begin over the next two years.”
Ted Mallett, Director, Economic Forecasting with the Conference Board of Canada says consumer spending growth will start to slow down as rising interest rates impact borrowers. But high employment will keep Canada’s economy moving forward.
“Trade disruptions brought by the Russian invasion of Ukraine and COVID’s resurgence in China has sent prices soaring, creating a domino effect on consumer inflation,” Mallett said in the release.
Ontario premier Ford vows to rebuild economy, unveils new Cabinet – Reuters.com
OTTAWA, June 24 (Reuters) – Doug Ford took the oath of office for a second term as the premier of Canada’s most populous province on Friday with a promise to build highways and homes, and rebuild Ontario’s economy.
Ford’s right-leaning Progressive Conservatives returned to power with a sweeping victory in a provincial election on June 2, winning 83 seats in the 124-seat legislature.
He unveiled a larger 30-member Cabinet, moving former solicitor general Sylvia Jones to role of minister of health and deputy premier, while keeping Peter Bethlenfalvy in post as the debt-laden province’s finance minister.
Ford said he had an “ambitious plan” for his second stint, as his government faced challenges posed by inflation rates hitting a nearly 40-year high in Canada.
“That plan starts with rebuilding Ontario’s economy,” Ford said at his swearing-in ceremony.
He reiterated pledges made in the lead-up to the election, including new spending on highways, transit and the auto sector.
“We’re investing to connect every part of our auto supply chain … the cars of the future will be built right here, Ontario, from start to finish,” Ford said.
Ontario, home to just under 40% of Canada’s 38.2 million people, is Canada’s manufacturing heartland. It is also one of the world’s largest sub-sovereign borrowers, with publicly held debt in excess of C$400 billion ($309.6 billion).
Ford also pledged to address soaring home prices in the province by building more affordable housing.
Canada’s national housing agency projects Ontario to be one of the worst affected by a housing shortage over the next decade. Provincial capital Toronto is already one of the most expensive cities to live in globally.
“Too many families are frozen out of the housing market … we need to build more attainable homes,” Ford said.
($1 = 1.2921 Canadian dollars)
(This story was refiled to fix typo in headline)
Reporting by Ismail Shakil in Ottawa
Our Standards: The Thomson Reuters Trust Principles.
Northern Shootout's return provides a big boost to Orillia's economy – CTV News Barrie
The return of an annual slo-pitch softball event marks the unofficial start of summer in Orillia.
The Northern Shootout is back for its 13 edition after a pandemic-driven hiatus.
The tournament consists of 78 men’s, women’s and co-ed teams from Ontario and Quebec and promises a big boost to the economy in the city.
“Especially after two years of pandemic restrictions,” said Mike Ladouceur, City of Orillia. “This helps our tourism recover, puts heads in beds, hotels are filled, restaurants filled, this is really the big event that begins our summer of events.”
Organizer Mike Borrelli said the tournament has grown to become one of the biggest in Canada.
“We’re pretty much at capacity for participants. We can’t accommodate anymore,” he added. “We’re using the other diamonds, we got all the diamonds in Orillia, and we’re using the Rama diamond, so if we had more diamonds, we could accommodate more teams.”
The owners of Adovo Pizza in Orillia say the increase in tourism has done wonders for their business this year.
This being the first big event of the season, they’re excited to welcome so many people into the city.
“Everyone has just been waiting to get out,” said Adam Zimmerman, co-owner. “Especially for sporting events and vendors, have a cold beer. There’s nothing wrong with it.”
The tournament culminates with an annual home run derby, which organizers said typically draws 1,200 fans to watch.
Sixteen participants will compete to walk away with a championship belt.
Toronto Mayor John Tory lays out vision for city's economy in speech – CP24 Toronto's Breaking News
Toronto Mayor John Tory says he’s optimistic about the future of the city’s economy, but is acknowledging that continued recovery from the COVID-19 pandemic will take place in a “challenging” economic period.
In a speech to the Toronto Region Board of Trade Thursday, Tory said he sees the city’s economic recovery and future growth resting on five pillars; rebuilding and instilling confidence, attracting new business and expanding existing ones, supporting businesses with an emphasis on small business, supporting growth, and being ready for the future and possible “transformational change.”
Tory said there is “always a tomorrow” following a crisis, but making it brighter requires planning.
“That’s why I have been talking a lot about the city’s recovery from the pandemic, a recovery that will take place during challenging economic times,” the mayor said. “I am completely committed to making sure Toronto comes back stronger than ever and that will be my main focus in the weeks and months ahead.”
To that end, Tory said he will be assembling a volunteer panel of accomplished leaders to help provide “real-time advice” as the city continues to reopen following more than two years of COVID-19 restrictions.
“I believe the rapid pace of change and need to adapt will continue and I will rely on this group to help provide real-time advice and insight so we can remain nimble,” Tory said.
While the mayor did not go into detail about the city’s economic challenges, Toronto is facing a number of hurdles. The city is still facing a major budgetary shortfall as a result of shrunken revenues. While the TTC used to be jam-packed on a daily basis, ridership numbers have still not returned to normal and ridership patterns have become more unpredictable as many businesses have allowed their employees to work from home for at least part of the week. It is also not yet clear how rising interest rates and inflation will affect the local economy in the coming months.
“Successfully addressing the issues we face as a city will take everything we’ve got,” Tory said in his speech, acknowledging that the pandemic hurt people and businesses.
“I am committed to making sure those who have lost so much over the last two years get the support they need and can be confident in playing a full and satisfying role in a strong recovery,” he added.
He said the future of work remains a key question tied to the city’s recovery and said the panel will be examining that as one of its key issues.
“This is a very profound question with potentially very profound consequences depending on the answer so we must get the very best answer we can from our advisors and from you,” Tory told the board in his speech.
He said that for example, just having people work from home on Mondays and Fridays can hugely impact the TTC and its revenues.
“What that means is a huge revenue shortfall for the transit system, because the cost of running the system for Tuesday, Wednesday, Thursday, and for the people who do go to work Monday and Friday stays about the same, (even if) you can make some changes around the edges,” Tory said. “And that creates a huge problem for us. So that’s just one small example of the kinds of questions that we have to answer.”
Tory also touted the city’s success and highlighted recent investments by the film and pharmaceutical industries from companies such as Netflix and Sanofi Pasteur. He said he would like to see those successes replicated in other industries as well.
“The world has taken notice of the growth and success story that is Toronto,” Tory said. “It was a constant conversation in the halls of the Collision conference. But at the same time, Toronto and all cities are facing challenging times ahead.”
More details about what work the advisory panel will do and who will sit on it are expected to be announced in the coming weeks.
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