The sudden collapse in oil prices has significantly altered the economic landscape in Canada and around the world according to The Conference Board of Canada’s Provincial Outlook: Winter 2015. While some provinces will be negatively impacted, Ontario joins Manitoba and British Columbia as economic growth leaders this year.

“Ontario, with its minor exposure to the oil and gas extraction sector, is expected to receive a significant economic boost in the short term,” said Marie-Christine Bernard, associate director, Provincial Forecast. “Ontario’s economy is projected to grow by 2.9% this year, bolstered by strong exports and consumer spending — the first year since 2002 in which economic growth in Ontario outpaces the national average of 1.9%.”

Report highlights include:

• Ontario joins Manitoba and British Columbia as economic growth leaders fuelled by the lower Canadian dollar, stronger US economy and stronger consumer confidence.
• Swift correction in oil prices will hurt other provinces like Alberta, Newfoundland and Labrador and Saskatchewan.
• Nationally, economic growth will be just 1.9% in 2015, down from 2.4% in 2014.