To date, Toronto has done well in its economic recovery, with real GDP already above its pre-pandemic level at the end of last year.
Despite hitting a few speed bumps in the first quarter of this year, real GDP growth in Toronto is set to reach 3.8 per cent in 2022 before decelerating to a more modest pace of 2.1 per cent in 2023.
Although Toronto’s labour market is expected to bounce around over the short term, it will still be a bright spot for the city.
Accounting for more than half of all the net new jobs created in Ontario, Toronto is expected to add close to 177,000 new jobs to its workforce in 2022.
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