This annual economic forecast presents the long-term national outlook. The U.S. economic outlook is presented in a separate section.
Canadian Outlook Long-Term Economic Forecast: 2013
Canadian Outlook Long-Term Economic Forecast: 2013
Canadian
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- Canada’s economy will remain soft until its main trading partner, the United States, picks up the slack. Over the medium term, real GDP growth will average 2.4 per cent per year.
- Beyond 2015, economic growth will slow. The growing number of retiring baby boomers will curb labour force growth, resulting in slowing growth in potential output.
- Heavy restraint over the medium term will bring government spending in line with historical levels. Still, provincial governments will continue to struggle to keep up with growing demand for health care.
- The aging of our population and rising immigration are important factors that will shape our demography and economy in the coming decades.
- The developing world’s influence on the global economy is burgeoning. Demand for raw materials will remain robust over the foreseeable future, keeping upward pressure on resource prices and helping to keep the loonie near parity with the greenback.
- Monetary tightening is on hold for now, but rising rates will put pressure on heavily indebted Canadian households and governments.
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