Northern economy gets positive forecast: economist optimistic about a stronger economy, more growth in 2017.

• Author: Myers, Ella
• Position: NEWS

The Business Development Centre (BDC) has an optimistic outlook on Ontario's economy, and that extends to Northern Ontario, to a degree.

The BDC's vice-president of research and chief economist, Pierre Cleroux, shared his predictions for 2017 at a Greater Sudbury Chamber of Commerce event in early December.

"There's a lot of uncertainty about the Canadian economy. I'd like to give a different perspective," said Cleroux. "Despite what you see, the global economy is improving ... the Ontario economy is doing quite well."

Cleroux said Ontario is doing especially well compared to the rest of Canada.

While the average economic growth was 1.2 per cent, Ontario's growth was 2.4 per cent, the second highest after British Columbia at 2.8 per cent.

"The average ... is hiding two different stories," said Cleroux. He said provinces are divided between those with a "strong natural resources base versus strong manufacturing base."

While Cleroux said Ontario as a whole these days has a stronger manufacturing presence, the North continues to be resource-reliant.

"What is unique is that resources are important for a lot of jobs here," said Cleroux.

Other resource-reliant areas like Alberta and Saskatchewan saw less growth than British Columbia or Ontario, but Cleroux said Northern Ontario benefits from having a more diversified economy, and the support of the strong manufacturing presence in the south.

The benefits trickle down--or up--to associated...