Item - 2022.EC27.10

The Economic and Community Development Committee:

1.  Received the presentation from Douglas Porter, Chief Economist and Managing Director, BMO Financial Group, headed "Outlook 2022: Ominous, or Omnipotent?", for information.

Douglas Porter, Chief Economist and Managing Director, BMO Financial Group gave a presentation on Outlook 2022: Ominous, or Omnipotent?

The recent dramatic rise of the Omicron variant has renewed questions about the economic outlook for Toronto. To help understand the current economic context and inform opportunities for an inclusive, sustainable economic recovery, I have invited Douglas Porter, Chief Economist and Managing Director, BMO Financial Group to do a presentation on the City's 2022 economic outlook at the January 21, 2022 meeting of the Economic and Community Development Committee.

This presentation will include a discussion of the following:

- Inflationary impacts on the economic outlook;

- Demand and supply side economic updates;

- Impacts of government supports on business and cultural sector recovery;

- Employment updates, including jobs growth and key sectors where opportunities exist; and

- Comparison between the American and Chinese economic outlook to that of Canada.