Provincial Outlook Economic Forecast: New Brunswick—June 2020
The Conference Board of Canada, 14 pages,
June 17, 2020
This quarterly economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
- New Brunswick has been one of the most successful provinces in limiting the spread of COVID-19.
- New Brunswick typically weathers recessions better than other provinces, but also sees slower recoveries. We are expecting these same trends to play out again over the next two years.
- Over the rest of the medium term, we expect New Brunswick to return to muted growth, with GDP expanding at an average annual rate of just 0.9 per cent from 2022 to 2024.
- Demographics remain a key challenge for the province, and the province will continue to see large numbers of baby boomers retire in the coming years.
- Investment in the province has declined significantly over the last 10 years. With no major projects on the horizon, investment will grow only modestly over the medium term.