Ontario chamber report paints dismal economic picture

The Ontario Chamber of Commerce is out with its annual Ontario Economic Report, which paints a gloomy economic picture for the province.

According to the report, business confidence is at a record low. However, the report also states most businesses are confident they'll weather the storm.

Labour shortages, inflation, vulnerabilities in the health care system and poor economic forecasts are identified by the Ontario Economic Report as the issues at the forefront of Ontario's business community.

Sault Ste. Marie Chamber of Commerce CEO Rory Ring said the report is not surprising.

"I think what we see here is really the culmination of the last three years crystalizing into some bad news, and that really is, at the end of the day, it is some bad news," said Ring.

However, he said the north has not seen the same economic challenges tied to the pandemic as other regions.

"Northern Ontario has actually done fairly well in comparison to, I think, other jurisdictions," Ring said.

"That really is because the base of our economy, even through the pandemic, remained quite active in the areas of the natural resource sector and in terms of manufacturing."

Ring expects the local labour pool to expand on account of younger and older workers seeking employment.

The Ontario Chamber of Commerce has found sectors impacted the most by labour shortages are education, construction and hospitality.