Long abstract

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The fifth largest urban region in the U.S. and Canada, Toronto is home to some 5 million people, half of them immigrants, making it one of the most ethnically diverse cities in the OECD. In New York and London, about 28% of residents are foreign-born. With more than 100 ethnic groups, Toronto’s large pool of language and cultural skills are an asset in international business.

Despite these benefits, the region’s GDP per capita and GDP growth are lower than the Canadian average and its annual economic and labour growth are lower than average compared to other metropolitan regions in the OECD.