Overview
- Ontario's GDP growth is expected to drop to 0.6% in 2025, down from a projected 1.7% without tariffs, as U.S. levies on steel, aluminum, and auto parts take effect.
- The province could lose 68,100 jobs in 2025, with job losses rising to 137,900 by 2029, particularly impacting manufacturing and supply chain industries.
- Regions like Windsor, Guelph, and Brantford are forecast to experience the steepest employment declines due to their reliance on export-driven industries.
- Consumer prices are projected to rise modestly, with inflation increasing by 0.2 percentage points in 2025 and 0.3 points in 2026 under the tariff scenario.
- Premier Doug Ford has publicly disputed the recession forecast, expressing optimism about Ontario's economic resilience despite the FAO's warnings.