Rising Rates Hit Home: Provincial Three-Year Outlook—August 2022
The Conference Board of Canada, 21 pages,
August 24, 2022
This quarterly economic forecast presents the short-term outlook for Canada’s provinces.
- The Bank of Canada’s inflation fighting efforts will soon see results but will also quell economic output.
- Oil and gas will propel the Saskatchewan and Alberta economies through 2024.
- Starting in 2023, Newfoundland and Labrador will follow suit once production constraints are removed.
- Even a modest crop year on the Prairies will be a vast improvement from drought-stricken 2021.
- Positive signs in manufacturing, as well as the hospitality and recreation sectors returning to a more normal state of affairs, will help Ontario and British Columbia.
- Industry fundamentals are also favourable in Quebec, but an aging workforce and slow population growth will constrain progress.
- Investment projects are breaking ground in Atlantic Canada. But a reversal in the remote work trend will limit gains as some workers move away, particularly in Nova Scotia and New Brunswick.
Table of Contents
Newfoundland and Labrador
Prince Edward Island