Canadians had better start following the growing fears of a double-dip U.S. recession. The health of our economy in Ontario is more closely tied to the overall U.S. economy than most provinces or for that matter, most U.S. states.
If the world's largest economy tanks (U.S.), trade dependent Ontario falls harder than places not as reliant on U.S. growth.
Below is how dependent Ontario, other key U.S. trading partners and other provinces are on the U.S. growth for their own economic growth.
- Ontario 80.8%
- Quebec 75.3%
- Michigan 68.7%
- Ohio 68%
- New York 59.1%
- British Columbia 57.6%
- Alberta 56.8%
- Pennsylvania 55.8%
This is pretty worrisome for manufactures and should be for all of us. The sky is not falling, however, buy North American products, vacation in North American and invest in North America!