Econ Essay Example | Topics and Well Written Essays - 1250 words

Econ - Essay Example Ontario, a significant province of Canada, has pathetically been suffering from the clutches of income inequality post the global financial recession. Per capita income in Canada has actually reduced y a massive $6,900 in the year 2009-2010 than what it had been in 2008-2009. It is widely being noted that the province would continue to endure its sufferance as long as the domestic industrial units decide to break out of their stagnant situation. Furthermore, the rate of unemployment in the nation is high as are the extents of looming poverty and high-school drop-out rates in the economy. Ontario’s Task Force has been striving hard to figure out the true picture of the nation in terms of economic progress, competitiveness and productivity. In addition, the committee is also researching upon the ways through which positive changes could be brought about in the nation. Although Canada has emerged out of a recessionary phase, as being claimed by the national government, the aftermath impact of the same has not been eradicated completely. According to the ninth annual report being presented by the Task Force, the rate of economic progress of the region is still much lower than that during the pre-recessional period. The brunt is especially intense upon Ontario which is both the commercial capital and industrial heartland of the nation. The region which is especially dependent upon export revenues is likely to face hardships in future due to a fall in export demands given that the demanding economies still have not recouped from their plight. Its misery is quite anticipated too, as the national government has cut down the targeted rate of economic growth in the next fiscal. Being a victim of hard times, the provincial government is found to be inventing methods to revive the region, which plays a huge role in the economic progress of the nation as a whole, out of