Page 5 - Ontario’s Long‐Term Report on the Economy
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Contents Foreword .............................................................................................. xiii Introduction ............................................................................................ 1   Chapter 1:   Population and Labour Force Trends and Projections   Introduction ............................................................................................ 7  Demographic Trends and Projections .......................................................... 8  1. Moderate Population Growth .............................................................. 8  2. Population Growth Sustained by Immigration ...................................... 10 3. Population Aging ............................................................................. 11 4. Slower Growth of the Core Working-Age Group .................................... 13 5. Declining Overall Labour Force Participation Rate ................................. 15 6. Concentration of Population Growth in the Greater Toronto Area ............ 18  Implications of Ontario’s Demographic Outlook ............................................ 20  Future Economic Growth May Be Restrained by Slower Labour Force Growth ................................................................. 20 Facilitating Immigrants’ Integration into the Labour Market Will Support Economic Growth .................................................................... 21 Greater Labour Force Participation of Underrepresented Groups Will Need to Be Encouraged ........................................................................ 22 A Growing and Aging Population Will Weigh on Government Spending ........ 26 Regional Differences in Population Growth and Age Structure Will Require Targeted Government Response ................................................ 29  Chapter 2: Long-Term Ontario Economic Projection Introduction ........................................................................................... 31  1. The Global Economy and the External Environment .................................. 33 World Economic Growth ....................................................................... 34 United States ..................................................................................... 35 Europe, Asia and Emerging Markets ....................................................... 37 Energy and Commodity Markets ............................................................ 39 Global Inflation and Interest Rates ........................................................ 41 Contents  iii 
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