The Royal Bank of Canada has released its economic outlook for provinces across Canada. For Ontario, the predictions include:
The economy in Ontario is expected to stay at or near the top of the provincial growth rating for this year.
The expected rate of growth that RBC expects Ontario’s economy to experience is 2.3 per cent.
This is a little lower than the estimated growth rate in 2015 of 2.5 per cent, but economic growth is also expected to increase in 2017 by 2.6 per cent.
“While we made slight downgrades to our growth estimates for most provinces in 2015, Ontario was an exception where we boosted our estimate in light of stronger than expected indicators,” said the senior vice president and chief economist for RBC, Craig Wright. “We believe that low interest rates, a confident household sector, growing business investment and increased public infrastructure building will continue to stimulate activity in the province in 2016.”