This quarterly economic forecast examines the short-term economic outlook for Canada – all major components including consumer expenditures, housing, government, non-energy business investment, and trade. The outlook for the financial, labour, and energy markets is also given along with costs and prices. The U.S. economic outlook is presented in a separate section.
Document Highlights
The Canadian economy is forecast to expand by 3.2 per cent in both 2002 and 2003.
The prospect of near-term inflationary pressures will lead the Bank of Canada to begin a steady string of interest rate hikes starting in the spring of 2003.
The economy will get a boost from strong growth in federal spending in the next budget.
A relatively sluggish U.S. recovery will hurt export growth in 2003, but solid employment growth will keep Canadian consumers in the stores.
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