New Wynne Government Report Confirms Ontario Heading in Wrong Direction: FedeliFebruary 13, 2017
QUEEN’S PARK – The latest report from the Wynne government’s own Ministry of Finance has confirmed what experts have been saying all along – Ontario’s long term economic prosperity has been critically damaged by failed government policies and mismanagement, MPP Vic Fedeli stated today.
“This report exposes the Wynne government’s complete mismanagement of Ontario’s economy. It paints the picture of slow growth and the ongoing loss of good-paying manufacturing jobs. This report is eight months late and now we know why,” said Fedeli.
Ontario’s Long-Term Report on the Economy provides an overall view of Ontario’s economic environment 20 years into the future. The Report projected a drop in the growth of Ontario’s GDP, a decline in private sector savings, imports, exports, labour participation rate; nearly all of Ontario’s major economic indicators,.
“This shouldn’t come as a surprise, as experts have repeatedly raised alarm bells about the Wynne government’s waste, scandals, and mismanagement,” added Fedeli
Here are the facts the report fails to address:
– Foreign investment in Ontario dropped this past year, from $7 billion to $4 billion. Ontario’s market share has been cut in half from 12% in 2015 to just 6 per cent this year.
The fDi Annual Report 2016
– Private investment is set to decline 0.7% in 2016, with an 8% drop projected for manufacturing sector.
Financial Accountability Officer’s Ontario Business Investment Expected to Edge Lower in 2016 (May, 2016)
– Business investment in the province declined by 0.8 percent, including a drop of nearly 6% in investments in machinery and equipment.
Ontario’s Economic Accounts for the third quarter of 2016
– $2.74 billion in revenue from service fees in 2016-17 a 38.7% increase from 2011-12. Over the same period, total provincial taxation revenue increased by 21.5%.
Financial Accountability Officer (June, 2016)
– Deterioration in the province’s budget balance, with a deficit of $1.7 billion by 2020 and Ontario’s net debt projected to rise over the next five years to a record total of $350.2 billion.
Financial Accountability Officer (May 2016)
– Ontario currently has the highest debt burden among the major provinces, carrying $2.40 in net debt for each dollar of provincial revenue.
Financial Accountability Officer (July 2016)
– Interest payments on debt will total nearly $11.8 billion this fiscal year.
Minister of Finance’s Quarterly Financial Statement (August 2016)