Rapid Policy Update:
2018 Fall Economic Statement
On November 15, the Government of Ontario released its 2018 Fall Economic Statement entitled “2018 Ontario Economic Outlook and Fiscal Review”, which provides an update on the government’s finances and announces commitments for the upcoming 2019 Budget.
The government is projecting steady, moderate growth in Ontario’s economy, with real GDP forecasted to rise by 2 percent in 2018. The Fall Economic Statement forecasts a deficit of $14.5 billion in 2018-19, down by $0.5 billion from the previous year. Growth is expected to be more modest over the next four years due to limited economic capacity, higher interest rates, and slowing US growth.
WHAT DOES THIS MEAN FOR ONTARIO BUSINESS?
Our rapid policy update outlines specific commitments that the government announced regarding:
- Fiscal responsibility, government transparency and accountability
- Regulatory reforms
- Tax reforms
- Energy and electricity
- Transportation and infrastructure
- Support for key Ontario sectors
- Other issues
If you have any further questions please contact Ashley Challinor, Vice President of Policy.