Governor Dodge Looks at the Global Economy and the Implications for Ontario

News Release

FOR IMMEDIATE RELEASE25 October 2006
CONTACT: Jeremy Harrison(613) 782-8782
OTTAWA-In a speech by video conference to the Ontario Economic Leadership
Summit in Niagara-on-the-Lake, Governor Dodge reviewed the Bank's projections
contained in the Monetary Policy Report, published last week. Global economic growth is
expected to be a little higher than previously anticipated, but a weaker near-term outlook
for the U.S. economy has curbed the near-term prospects for Canadian exports and
growth, the Governor said. The Bank's base-case projection now calls for average annual
GDP growth of 2.8 per cent in 2006, 2.5 per cent in 2007, and a return to 2.8 per cent in 2008
Governor Dodge pointed out that Ontario's economy will be affected more than the
national average because of the close ties between the province's industrial base and the
two sectors of the U.S. economy that are slowing the most: automobiles and housing.
"Nevertheless, modest growth in Ontario's economy should persist," Governor Dodge
said. "Seventy per cent of Ontario's economic activity comes from the service sector, and
that sector remains in good shape."
The Governor went on to address some of the longer-term structural challenges facing
Ontario, as well as some of the policies that will be important to secure Ontario's
economic future. In particular, the Governor stressed the need for sound policies on the
development of human resources and ongoing improvements in the province's
infrastructure.

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Governor Dodge Looks at the Global Economy and the Implications for Ontario

News Release

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