Answer To: Look at Ontario 2000 word report (approximately 6 written pages, double-spaced), supported by...
Somprikta answered on Jun 28 2021
Economy of Ontario 2
ECONOMY OF ONTARIO
Table of Contents
Introduction 3
Dominant Economic Activities 3
Natural Features 5
Population 5
Core and Periphery 7
Bone’s Faultline 7
Challenges 8
Conclusion 9
References 10
Introduction
The economic development and status of Ontario is hugely dependent on as well as guided by the geographical position of the province. Ontario has a huge population which appropriately supports and maintains the strong economical position of the province. In addition to that, the natural resources found in Ontario help the province to boom economically and thrive as a highly functional province in Canada. The presence of lakes, forestry, flora and fauna along with the different cultural aspects add on to the economic benefit of the province. As a result of this, the huge population which is rising with the passage of time, is capable of enhancing the economic condition of the province.
Dominant Economic Activities
Ontario can be rightfully considered as the economic motor of Canada, as it generates approximately 37% of the national GDP. In addition to that, the province of Ontario is the home to almost 50% of the employees from the arena of high tech, financial services as well as industries that are knowledge-intensive (Ontario, 2021). The central reason as to why Ontario’s economic condition is thriving and leading the nation from the perspective of economic development is the unique combination of the resources that are intrinsically available, the manufacturing expertise, exports and their eternal drive for innovation and advancement. The most dominant economic activities in Ontario are manufacturing, services industry and mining.
The manufacturing industry is one of the most dominant activities in Ontario. The province is actually part of the North American manufacturing heartland. According to Dales (2019), the key manufacturing industries of Ontario are inclusive of autos, information and communication technologies, biotech, pharmaceuticals and medical devices. The manufacturing industries of Ontario are mostly prominent in the southern parts of the province, such as between the regions of Oshawa and Windsor. The manufacturing industry of Ontario generates a hefty amount of $270 billion in annual sales. In addition to that, the industry also accounts for about 18% of the GDP of the province. The manufacturing industry employs over 12% of Ontario’s total workforce. From the reports, it has been found that Ontario is the largest sub-national automotive assembly jurisdiction that is observed in North America. Based on the reports of Statistics Canada, it has been observed that 88% of Ontario’s vehicle production was exported to the United States. In addition to that, in the year 2011, the manufacturing businesses of Ontario has shipped more than $258 billion (Ontario, 2021). Ontario also has the largest manufacturing employees of any jurisdiction in Canada and the United States, after California and Texas.
The province of Ontario has gradually shifted its focus from the manufacturing industry to the service industry. The service industry of Ontario is also considered to be the largest part of the economy of Ontario, which makes up around 76.9% of the province’s economy (Ontario, 2021), while the manufacturing industry accounted for only 12.4% (THE CANADIAN ENCYCLOPEDIA, 2020). According to Spencer and Holland (2019), the major sectors of the service industry of Ontario are inclusive of business as well as financial services, professional and scientific technical services, as well as arts and culture.
The mining industry of the province of Ontario is known for its world leading environmental standards. It is also renowned as it is the global leader in terms of productivity. The province is a huge producer of both metal as well as non-metallic minerals. Ontario is renowned for the production of nickel as well as the platinum group metals and ranks among the top ten producers of the world. In addition to that, according to Corbeil (2020), the province of Ontario is also famous for the production of others metals such as gold, silver, zinc, cobalt and copper. The southern part of Ontario is a rich producer of non-metallic minerals such as salt, gypsum, lime, nephelinesyenite as well as structural materials such as stone, gravel and sand.
Natural...