From a provincial perspective, Alberta, British Columbia, Saskatchewan and Ontario will be the engines of growth, with above 2% forecasted growth next year, while provinces in Atlantic Canada will show slower rates, at about one percent and lower. Sources: IMF World Economic Outlook (October 2017 and January 2018), U.S. Bureau of Economic Analysis, Blue Chip Economic Indicators (October 2017 and February 2018), Statistics Canada, U.S. Energy Information Administration, Bank of Canada, Ontario Ministry of Finance Survey of Forecasters (March 2018) and Ontario Ministry of Finance. Of course, this would help compensate for the higher export prices. Self-employment is also growing. Trends which challenge Toronto’s economic development include: City Council approved Collaborating for Competitiveness in 2013, to guide the City’s economic development initiatives. But higher interest rates in the U.S. mean than borrowing globally will become more expensive, and this will have an impact on Canadian businesses. China’s economy will decelerate a little, growing 6.4% in 2018. Ontarians—today and in the future—will pay the price for Ottawa’s debt. GDP and per capita GDP, 2018. Sources: Organisation for Economic Co-operation and Development (OECD), Italian National Institute of Statistics (Istat), Statistics Canada, Ontario Ministry of Finance Survey of Forecasters (March 2018) and Ontario Ministry of Finance. Canada had solid economic growth of 3.1% in 2017, having weathered the oil price shock of the past two years. Cultural facilities have similarly experienced significant tax increases. The average price for detached homes reached $1,214,422, representing a 33.4 per cent year-over-year increase. Among the territories, GDP rose in Nunavut and Northwest Territories and declined in Yukon. Spending: The overall size of the budget has grown to $158.5 billion this year, up nearly 12 per cent from $141.1 billion last year. The number of residents working in part-time jobs is growing faster than those in full-time jobs. At the same time, the Ontario housing market is rebalancing after a period of sharp price appreciation. Now it’s the right time for business owners to make the necessary investments to be more productive and more competitive. Home prices are forecast to increase at a modest pace beyond 2018 as rising interest rates, historically high valuations, and mortgage debt temper healthy demographic-related demand. International exports are expected to continue to benefit from strong U.S. demand, Financial support and resources available for businesses impacted by COVID-19. Europe’s economic growth is expected to reach 2.4% in 2017 and 2.1% in 2018, according to the International Monetary Fund.