Transcript: The State of Ontario's Economy by The Honourable Dwight Duncan Minister of Finance

The state of the Ontario economy is a concern for all of us.

We need to talk openly and honestly about what is going on, what we are facing and the public policy choices that are available to us.

I’d like to share with you what the McGuinty government has been doing to address immediate concerns and talk about our plan for managing the challenges ahead.

Ontario is being buffeted by a number of challenges which are conspiring to create a level of uncertainty that we have not seen in a very long time.

The state of the U.S. economy, the value of our dollar and the world price of oil are being felt throughout the province: from the mill in Thunder Bay, to the rich farmlands of south western Ontario; from the shop floors in Windsor to the high tech labs of Ottawa; from our great centres of tourism, to the boardrooms of Bay Street.

In challenging times, we must invest more in the human and physical capital that will create jobs in the short term and enhance productivity in the long run.

Investments in all forms of infrastructure will enable us to achieve these short and long term objectives.

Most importantly, the skill sets of our people must be matched to the new economy. Our greatest competitive advantage is what lies between our ears.

We will build on our past successes by investing in our future potential.

No one, including Ontario’s most vulnerable, can be left behind.

Ontarians see the challenges ahead – and we will help them meet those challenges.

However, Ontarians expect the federal government to be a full partner in helping build our economic future.

Ontarians want their governments to work together to achieve these ends – both here, and throughout the country.

Economic challenges are inevitable.

As an Ontarian, I remain a proud optimist. As Churchill points out, “There’s not much point in being anything else.”

Thank you.