Major City Insights: Winnipeg—October 2022

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Major City Insights: Winnipeg—October 2022

Metropolitan
8 min read

Author: The Conference Board of Canada

$985.00

While ongoing supply chain issues and other challenges sparked by the pandemic are still headaches, COVID-19 is no longer the biggest risk to the economies of most major cities across Canada. The main concern in the near term is the impact of stubbornly high inflation and rising interest rates. This edition of our Major City Insights provides new forecasts for growth in 13 major cities in Canada as of September 2, 2022. This publication focuses on the Victoria metropolitan area.

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Document Highlights

Growth in Winnipeg’s economy will improve to 4.0 per cent in 2022, up from last year’s modest 2.7 per cent recovery from the pandemic-induced recession.

Real GDP growth in 2021 was muted by the severe drought that hit the province’s agriculture sector hard, including Winnipeg’s agri-businesses.

Though the province did see some flooding in May of this year, overall better weather and stronger prices have helped fuel a recovery in agriculture for 2022, boosting the city’s overall economic activity.

Winnipeg’s aerospace industry, one of the city’s key sectors, has suffered as a result of reduced air travel and plant shutdowns. With COVID-19 restrictions now dropped in most of the world, we expect the aerospace industry will regain some footing over the coming years.

High inflation and rising interest rates will dampen consumer spending this year and into 2023.

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