Through the Good Jobs and Growth Plan, and other priority investments, the government will continue to invest in the training and skills that the people of Ontario need to compete in a global economy. states, Ontario will lead the way and support its businesses as they grow and expand globally.
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Whether that is taking advantage of existing free trade agreements, or fostering relationships at a subnational level with U.S. One of the major pillars of Ontario’s Global Trade Strategy is diversifying trade relationships. The government’s Good Jobs and Growth Plan builds upon the Province’s successful economic and skills agenda of the past 10 years - updating that agenda to reflect the realities of the rapidly changing times, taking into consideration an ever-evolving global economy and leveraging the work of the government’s Global Trade Strategy. Ontario must face and overcome these challenges with the same relentless energy and care that it has over the past decade, seizing all opportunities. Climate change also means changes to the way business and communities will work. protectionism creates uncertainty and new competitive pressures. The pace of globalization and automation continues to accelerate. In doing so, the Province has overcome many challenges and adapted to new circumstances in this rapidly changing world.īut in 2018, it is more apparent than ever that Ontario faces new challenges. The government’s consistent and strategic investments in jobs and skills have created an economy with strong foundations.
Regional economic development funds that, since 2013, have helped to create and retain about 64,000 jobs across the province.Reducing the small business CIT rate from 4.5 per cent to 3.5 per cent.Maintaining a competitive general Corporate Income Tax ( CIT) rate.Ontario’s actions that support these high levels of growth include: More than 800,000 jobs have been created since the recessionary low, with almost 18,000 manufacturing jobs created in 2017. Whether ensuring that every major infrastructure project has a community benefits agreement in place, or finding ways to increase the amount of goods and services that government procures from small and medium-sized enterprises, the Province is working to make growth across Ontario more inclusive. It is also why the Province is investing in ways that directly support people. That is why over the last number of years the government has been forging ahead with strategic investments in key sectors, alongside investments in skills and training that better equip the people of Ontario to compete globally. A vibrant private sector and market forces alone are not enough to ensure this prosperity.
People need good jobs, not just work for the time being, but jobs that provide stability, income certainty and a path to prosperity. However, not everyone is experiencing the benefits of this growth equally.
Over the past four years, Ontario has directly met these challenges, resulting in strong economic growth that positions the province to continue to prosper over the long term. The forces of technology and globalization are transforming the labour market, creating immense challenges and opportunities. The province’s real gross domestic product ( GDP) growth has exceeded all G7 countries since 2014.Īt the same time, the global economy is undergoing rapid change. The unemployment rate is at 5.5 per cent, the lowest in 17 years, and has been less than the national average for 34 consecutive months. Ontario’s economy has been growing at a strong pace and businesses continue to expand and thrive.
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