Canadian Outlook Executive Summary: Autumn 2012
The Conference Board of Canada, 13 pages
October 19, 2012
This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
- Canada’s domestic economy has softened and its trade partners have failed to pick up the slack. This has eroded real GDP growth to below 2 per cent this year, with only a slightly better performance expected in 2013.
- A soft economy and strong Canadian dollar suggest that the Bank of Canada will also hold rates steady until late next year.
- External risks remain elevated, with many high-debt EU nations struggling to balance their books at a time of recession. Still, equity markets have stabilized since July, following a strong statement by the European Central Bank that it will defend the euro at all costs.
- Soft global conditions and a lack of economic vigour at home suggest that Canadians will have to wait until 2014 to see more typical recovery-level growth of 2.6 per cent.