TORONTO — Political observers say Ontario voters' fears about the economy could crush Prime Minister Stephen Harper's dreams of winning a Conservative majority next week.

Stock markets around the world have been in a virtual meltdown during the election campaign and that's worrying people, especially in vote-rich Ontario where 200,000 manufacturing jobs have been lost in recent years.

David Docherty, dean of arts at Sir Wilfrid Laurier University, says even though voters typically see Conservatives as good fiscal managers the uncertainty will hurt the Tories.

He says incumbent governments bear the brunt of the blame when the economy turns sour "whether it's their fault or not," and notes Ontario is feeling the pinch more than other provinces.

Henry Jacek, a political science professor at McMaster University, says voters in Ontario don't like the fact that Harper "looks like he's sitting on the status quo" when it comes to the economy.

Recent Canadian Press Harris-Decima surveys suggest a dramatic swing in voter support in Ontario, with the Liberals regaining the lead at 34 per cent and the Conservatives falling to 26 per cent in the latest poll.

Jacek says the Tories mistakenly thought that a barrage of negative ads against Stephane Dion would be able to keep the Liberals down.

Both political scientists say Canadian voters tend to like Conservative governments in good economic times, but turn to the Liberals and New Democrats for more activist governments in tough economic times.