Muted outlook for Canadian economy CanadiansInvest
OTTAWA – Despite the progress that has been made, inflation is still weighing down Canada’s economy according to new research from The Conference Board of Canada. In keeping with its previous forecast, real GDP growth will be at a virtual standstill for the rest 2023. For the year as a whole that means a 0.9 per cent gain, followed by only a modest 1.4 per cent improvement in 2024.
The global economy has slowed sharply over the past year as major central banks have increased interest rates, but despite the weak near-term growth anticipation, the chances of a severe global recession have receded. Inflation remains a threat, but two key developments provide reason for optimism. The first is the mild winter in Europe eased concerns of an energy crunch, with natural gas prices now lower than before the Russian invasion of Ukraine.
A slower U.S. economy will weigh on Canada’s trade results in the coming months, but the exports sector will still see a good showing in 2023, according to The Conference Board of Canada. Supply chain disturbances, which significantly restrained activity for many export sectors last year, have shown signs of easing over the past several months.
Canada’s labour market has seen an impressive start to 2023, according to The Conference Board of Canada, which is being fuelled by an uptick in population growth. International migration to Canada has risen sharply in recent quarters, driven by record immigration targets and increased admissions of non-permanent residents, including temporary foreign workers.
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