Executive Summary or Introduction

Canada and Ontario have weathered the recent economic downturn better than most, and as a result we stand on more solid ground than many of our competitors. But the high levels of government debt among many of our most important trading partners, a large provincial deficit, and high levels of North American household debt, present challenges for Ontario businesses. The Ontario Chamber of Commerce, the Mowat Centre, and Leger Marketing have partnered to initiate a discussion and identify a vision for our collective future.

The Ontario Economic Summit held on November 21-23, 2011, brought together hundreds of business, government, and civic leaders, and provided an opportune moment to initiate this discussion. This report is the result of consultation with Ontario’s leaders and feedback received at the Summit.

Ontario is facing a major turning point in its economic history. The cyclical economic downturn is taking place against larger structural changes. In Ontario, we are transitioning away from many of the old industries that were the foundations of Ontario’s prosperity for generations. Meanwhile, the global economy is undergoing a geopolitical re-ordering with the emergence of previously less-developed economies and a relative decline in the economic strength of the United States.

The next five years are crucial for Ontario: we must embrace these changes, prepare for even greater competition from our international peers, deepen collaboration globally, and identify and invest in Ontario’s competitive advantages.