Ontario's economy is much weaker than it appears, with a fluctuating unemployment rate around 7.5% and a slow GDP growth of just 1.2% in 2024. Business confidence sharply declined, with only 15% of businesses expressing optimism due to external pressures such as U.S. tariffs affecting export industries. Daniel Tisch, President of the Ontario Chamber of Commerce, noted that many businesses are pausing decisions on expansion and hiring due to anxiety about these tariffs. The Chamber's report emphasized the need for careful management of the province's economic vulnerabilities.
The unemployment rate in Ontario fluctuated between 7.3% and 7.6% in early 2024, indicative of a fragile economy facing significant external pressures.
About 15% of businesses expressed confidence in Ontario's economy by February 2024, indicating growing concerns over economic stability amid external tariff threats.
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