Local economy a bright light despite expected global slowdown
Posted Nov 21, 2011 11:10:23 AM.
This article is more than 5 years old.
A new study released today says that while the expected global economic slowdown will hit all areas of Ontario next year, Waterloo Region will be one of the bright spots in the province.
In a report titled “Economic Analysis of Ontario”, Central 1 Credit Union suggests that despite slower economic growth across the province, Waterloo Region will outpace the forecasted provincial growth rate of 1.8 per cent.
Central 1’s chief economist, Helmut Pastrick, tells 570 News, “the region’s economic base, which is largely in the information, communications, technology area; growth in that sector anchors the region very well.”
Pastrick says the region will see an employment increase of 2.5 per cent next year, followed by a more than 3 per cent jump in 2013, which he says will drive the local jobless rate down to 6.1 per cent.
The report says that overall, Ontario’s economy will grow by 2.1 per cent this year, 1.8 per cent next year, and 2.6 in 2013, but cautions there’s a risk that the European debt situation could undercut those projections.
Pastrick adds “Toronto will lead the province in most categories, along with Kitchener-Waterloo, London and Barrie, but even their pace will be slow.”
