Provincial Outlook Long-Term Economic Forecast: Saskatchewan—2020

Please note that this forecast was prepared before COVID 19 dramatically changed the near term economic outlook.

• Saskatchewan is projected to have one of the highest fertility rates and population growth of all the provinces.
• Real GDP growth will be limited by more modest business investment than in previous decades.
• The unemployment rate will gradually fall, going from 5.4 per cent in 2019 to 4.8 per cent in 2040. The drop will be accompanied by modest gains in real wage growth.
• Freer trade with Asian economies and the European Union should benefit Saskatchewan’s agriculture producers, although the ongoing dispute between Canada and China remains a concern.
• The oil and gas and potash industries will remain key sources of economic growth for Saskatchewan over the forecast period, but both have serious downside risks.