In combination with lower exports to a recession-stricken United States, the aforementioned concerns have recently deteriorated Ontario's economy.
Assessing the Situation.
In order for Ontario to renew its economic wealth, the province has to focus on what it does best. With the diverse and innovative universities present in the province, the Federal and Provincial government must formulate a plan to build up the knowledge-based sector so that it can compete globally (OUSA, 2009, 4). The economic information sector already has the foundation it needs to prosper in Ontario, as there are multiple research facilities and research-based companies throughout the province. While a base for the information sector is a good start, further support from both the federal and provincial government and the public is needed for growth and prosperity (OUSA, 2009, 2). .
The government must shift its focus to funding information-based services, as research is the key to better planning. Development in technology can aid in reconstructing the automobile industry, as research can be done to improve efficiency, lower costs and make locally manufactured vehicles more desirable to the market (Wolfe, 2006, 581). Research is also necessary for projections in trends with respect to what type of vehicle will be in demand as to avoid a mismatch between production and sales (Wolfe, 2006, 579). .
The forestry industry may be a more complicated sector to mend. With advances in technology, many institutions that once utilized paper now offer the same services online (Bone, 2009, 211). This has drastically reduced the market for the forestry sector, and that is not an easy void to fill. This shift in technology reiterates the importance of focusing on a knowledge-based economy. The outdated equipment used in the forestry sector must be modernized and research needs to be put into increasing its efficiency (Bone, 2009, 212).
