OECD Territorial Reviews: Toronto, Canada 2009
OECD's Territorial Review of Toronto, Canada. It finds that the Toronto region is
one of the chief economic powerhouses of Canada, generating almost one-fifth of national
GDP and 45% of Ontario’s GDP. The region is home to 40% of Canada’s business headquarters
and is a main manufacturing hub, with major automotive, biomedical and electronics
companies. Toronto is also one of the most diverse metropolitan regions in the world:
half of its population is foreign born and it hosted 40% of all immigrants to Canada
during 2001-2006.
Nevertheless, the region’s current economic development model is under pressure and
its economic performance has been mixed in recent years. From 1995 to 2005, GDP per
capita and GDP growth rates were below the Canadian average while its annual economic
and labour productivity growth were lower than the average for OECD metropolitan regions.
During this period, population growth boosted demand in the construction, sales and
retail, professional and financial services sectors. However, the recent decline in
the area’s manufacturing jobs has illustrated the structural difficulties of some
traditionally strong areas, such as the automotive and electronics industries.
This Review proposes a new sustainable competitiveness agenda to enhance productivity,
focusing on innovation, cultural diversity and infrastructure, as well as on green
policies. To implement such an agenda, the Review proposes improving the current governance
framework by intensifying strategic planning at the level of the Toronto region.
Published on March 11, 2010
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