November 5, 2009

CanaData Conference 2009

Scotiabank’s chief economist has hope for Ontario

Ontario’s growth might be slower in the years to come as its manufacturing sector struggles, but Scotiabank’s chief economist still sees healthy prospects on the horizon for Canada’s economic centre.

“The reality is manufacturing employment is going to be pretty slow and that’s going to be a drag on Ontario,” Warren Jestin said in an interview with Reed Construction Data at the CanaData Construction Industry Forecasts Conference in Toronto Sept. 24.

“The good news is a lot of our economy is service-focused and that’s going to begin to improve,” Jestin added.

See: Live blog archive from the September 24 CanaData Construction Industry Forecasts Conference.

“I suspect we’ll still lag the national average in terms of growth performance over the next five years, but over the next year or so we’re probably going to get at least a healthy pop in growth from economic decline to at least some period of recovery.”

Jestin also offered insights into what’s in store for Western Canada after the recession and discussed what he believes the greatest threat to economic recovery will be.

Check out the executive summary from the 2009 CanaData Conference.

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