Trade Recovery Hits Some Speed Bumps: Canada’s Two-Year International Trade Outlook
The Conference Board of Canada, 15 pages,
October 21, 2020
This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on international trade. For an overview of all major components of the economy, go to the Canadian Outlook main page.
- With the already battered global economy being threatened by a resurgence of COVID-19 outbreaks in many countries, a full recovery for Canada’s export sector is likely to be delayed.
- A surge in COVID-19 during the fall months in Canada will dampen domestic demand conditions and take some steam out of the rebound in merchandise imports.
- The outlook for trade in services remains bleak in the near term, as the threat of the COVID-19 pandemic in Canada and the United States keeps international borders closed to non-essential travel for an extended period.
- The current account balance will see some improvement in 2021 but will remain in deficit throughout the forecast.