Because of strong leadership, the Ontario economy weathered the global recession of 2008–09. A weak U.S. economy, European sovereign debt concerns, higher oil prices and disruptions from the Japanese tsunami crisis have all combined to slow Ontario’s economic growth during 2011. As a result of these global economic challenges, the Ontario economy is expected to grow at a more modest pace than previously forecast.
Over the last eight months, the global economy has seen a widespread, downward shift in projections for economic growth. In March, when the government published the 2011 Budget the average private-sector forecast for Ontario’s economy was real gross domestic product (GDP) growth of 2.6 per cent for 2011. This has declined to 2.0 per cent.
