Ontario’s economy to struggle over summer, alongside most provinces, report says [Video]

New data has revealed that most provincial economies will likely struggle over the summer, and Ontario is no exception.

A report released today by the Conference Board of Canada suggests that, amidst lower immigration numbers, limping consumer confidence, and cost-of-living stressors, economic growth prospects across Canada are plummeting rapidly.

While each province has similar vulnerabilities, each with a unique degree of severity, certain economic variables are also region-specific.

In Ontario, looming stressors directly tied to the current U.S.-based trade war and tariffs, specifically on regional steel manufacturers, are applying the most pressure.

“While consumers are benefiting from lower inflation and eased borrowing costs, consumer confidence has been at record lows this year,” said Richard Forbes, Principal Economist at The Conference Board of Canada, in a statement. “Similarly, despite tariffs being paused or scaled back by the U.S. administration, business confidence has decreased and will take time to recover.”

However, Ontario …