Provincial Outlook Economic Forecast: Ontario—June 2020
The Conference Board of Canada, 15 pages,
June 17, 2020
This quarterly economic forecast for the province of Ontario examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
- Real GDP is set to shrink 3.6 per cent in 2020 but then rise 5.9 per cent in 2021.
- COVID-19 has devastated the labour market. Employment will fall by 439,000 in the second quarter of this year.
- Government programs will be a significant help to household finances.
- Residential investment will struggle through the first half of 2020 but strengthen in the second half. Non-residential investment will remain weak for the entire year.
- The province will suffer a large decline in revenues in the current fiscal year, make balancing the budget more difficult over the long term.
Table of Contents
COVID-19’s near- and long-term impacts