RAPID POLICY UPDATE: 2017 Fall Economic StatementNovember 15, 2017
On November 14, the Government of Ontario released its 2017 Fall Economic Statement, which provides an update on the government’s finances and progress on key commitments since the release of the 2017 Budget. The government is continuing to project a balanced budget in 2017–18 and ongoing balance in 2018–19 and 2019–20, unchanged from the 2017 Budget forecast. The province also boasts a steadily declining unemployment rate which reached 5.9 percent in October 2017, and has been below the national average for 31 consecutive months.
The fall statement forecasts real GDP growth of 2.8 percent in 2017, up from 2.3 percent in the 2017 Budget. Ontario’s net debt-to-GDP peaked in 2014–15 at 39.3 percent, however it is projected to be 37.3 percent in 2017–18, lower than the 37.5 percent forecast in the 2017 Budget.
The government also made announcements related to Strengthening Ontario’s Small Businesses, Encouraging Youth Employment and Modernizing Apprenticeships for Small Businesses.
Click here to read the 2017 Fall Economic Statement.
OCC Position on the 2017 Fall Economic Statement:
In the face of rising costs and a more aggressive American business climate, we must do more to keep Ontario’s economy competitive, build our communities up, and protect our most vulnerable. While the government's commitment to enhancing skills and lowering the Small Business Deduction is a step in the right direction, but more relief is needed for Ontario’s economy. We look forward to further action to be announced as part of the 2018 budget.
Click here to read the full Rapid Policy Update