Ontario to sit on brink of recession: think tank

TORONTO - The Conference Board of Canada predicts the global financial turmoil will bring Ontario to the brink of recession this year and into 2009.

In its autumn provincial outlook, the board says Ontario will see growth of just 0.2 per cent this year and 0.8 per cent next year.

The board adds that Ontario will also post its first trade deficit in 2009 since the province began keeping records almost 30 years ago.

The autumn outlook also predicts Saskatchewan will lead the country in real GDP growth in both 2008 (5.2 per cent) and in 2009 (3.6 per cent).

The board says even though commodity prices have weakened, Saskatchewan's diversified economy will maintain strong export growth.

The board also predicts 2.7 per cent growth this year, 1.2 per cent in both Alberta and B.C., 0.9 per cent in Quebec, one per cent in New Brunswick, and 0.7 per cent in P.E.I.