OECD Territorial Reviews: Toronto, Canada
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Published by the Organisation for Economic Co-operation and Development, 2010.
|The Toronto region is one of the chief economic
powerhouses of Canada. It generates 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
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. Toronto's large pool of language and cultural skills are a major asset and a factor boosting its competitiveness.
Despite these benefits, the region's GDP per capita and GDP growth are lower than the Canadian average and its annual economic and labour growth are lower than average compared to other metropolitan regions in the OECD. A major manufacturing hub, with automotive, biomedical, computer/electronics and entertainment companies, Toronto is nonetheless facing strong competition and losing manufacturing jobs.
OECD Secretary-General Angel Gurria said that "Cities like Toronto are the drivers of local, regional and national growth. They are the hubs of higher education, finance, industry and innovation. But as they compete with each other to attract talent and investment, they must constantly upgrade the services they offer."
OECD's review of the Toronto region makes numerous recommendations to make the city more sustainably competitive:
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This page last modified: June 3, 2010
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