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Province prepares an economic renewal plan.

The provincial Ministry of Industry Trade and Technology (MITT) is planning to release an economic renewal package for Ontario in the next few months.

This announcement was made last month by ministry spokesman Peter Friedman during the Northern Ontario business conference sponsored by MITT and the Ministry of Northern Development and Mines.

According to Friedman, MITT is predicting that Ontario will have a 3.7-per-cent economic growth rate for each of the next three years.

Despite this good news, however, he indicated that the road to economic recovery will be a long one because the recent recession was the worst of the past 50 years with fundamental restructuring of major industries and job losses affecting 250,000 people.

"This time two-thirds of the job losses will be permanent," he said.

Friedman indicated that Ontario's strengths are its manufacturing sector, established trade markets, labor force and education system. Its weaknesses are foreign control, a narrow base of internationally successful businesses and a lack of technology-intensive manufacturing.
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Title Annotation:Ontario's Ministry of Industry, Trade and Technology
Publication:Northern Ontario Business
Date:Nov 1, 1991
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