Ontario's economy holding back country, needs major reforms: Report
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Ontario needs industry reforms, better tax policies, and needs to make better use of its natural resources before it brings down Canada's economy any further, according to a new Fraser Institute study.
"Because of Ontario's immense size and population, and because the Canadian economy is highly integrated, what happens in Ontario significantly affects Canada's national economy. An economically stronger Ontario means an economically stronger Canada," study co-author Livio Di Matteo said in a release.
The study, Can Canada Prosper without a Prosperous Ontario, says the province's terrible record on GDP growth, employment and business investment "reflects a damaged provincial economy that's dragging down the national economy," Di Matteo said.
The province needs to improve tax and regulatory competitiveness, boost capital investment, reform energy and industry policies and make better use natural resources like mining and forestry, the study said.
"If Ontario adopts smarter policies focused on competitiveness and economic growth rather than interventionist government, it could unleash its private sector and improve Ontario's economy for the benefit of taxpayers in Ontario and across Canada," Di Matteo said.