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GTA faces big challenges to keep economy strong

Toronto’s economy has been remarkably resilient in recent years – but looming challenges in Canada’s largest city will be tough to tackle in an era of slow growth and fiscal constraints.

A new paper by Toronto-Dominion Bank, to be released Thursday, explores the biggest economic risks the region faces and warns of tepid economic and employment growth over the next few years.

The stakes are high. The Toronto region – which includes the GTA and Hamilton – accounts for nearly half of the province’s GDP and 15 per cent of the country’s economic output.

While the city’s economy has outperformed U.S. peers in recent years, key drivers of that growth – booming real estate along with consumer and government spending – are expected to fade.

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Tavia Grant

Appeared In (Publisher):

The Globe & Mail