This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
Canadian Outlook Winter Update: 2013
Canadian Outlook Winter Update: 2013
Canadian Economic Analysis
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- Canada’s recovery has run out of steam. Real gross domestic product is forecast to post growth of just 2.2 per cent this year. However, a better performance by the U.S. economy next year should help lift prospects for 2014.
- The U.S. Congress finally found a compromise to avoid sending the U.S. economy over the “fiscal cliff.” Another round of debate and voting is needed to settle on cuts to entitlement programs and military spending—which means more of the uncertainty that is hurting investor confidence.
- Fiscal restraint is the plan that the federal and most provincial governments have adopted to balance budgets. Government will contribute very little to Canada’s economy over the medium term.
- Low inflation and tepid economic growth will delay rate hikes by the Bank of Canada until at least 2014.
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