Economic Impact of the Russian Invasion of Ukraine

Canadian Economics    March 29, 2023

With the fiscal shadow of the COVID-19 pandemic fading into the background, the federal government is now repositioning itself to address some of the structural issues ahead.

Commentary  •   12-min read

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Coming Out of the Fog: Provincial Outlook

Canadian Economics    March 29, 2023

Signs still point to a slow performance for the economy in the year ahead, but the fog of uncertainty appears to be clearing. Worst-case scenarios of a protracted recession or highly destabilized labour and capital markets are becoming less likely.

Online experience  •  2-min read

City Economies Feel the Pinch: Major City Insights

Canadian Economics    March 28, 2023

With higher borrowing costs and inflation eating away at incomes, which sectors of local economies across Canada will be hit hardest by weakening consumer demand? To what extent will higher interest rates affect the housing market and related industries in Canadian cities? We share our economic outlook for 24 major cities, including output, employment, and population growth.

Online experience  •   8-min read

Female traveler on canoe at Jasper National Park.

Driving Growth by Following Opportunities: Provincial Outlook to 2045

Canadian Economics    March 15, 2023

The lingering COVID-19 virus, supply chain challenges, war in Ukraine, and geopolitical tensions in the Middle East and in China and neighbouring countries take up much of our thoughts on what lies ahead, but many of those issues will fade as time goes on. Undoubtedly there will be other bumps and disruptions globally along the way over the next 20 years.

Online experience  •   8-min read

The Latest Insights on an Evolving Issue

This page is your go-to resource for insights and analysis on the Russia invasion of Ukraine. Here we will bring you informed and concise content that gives a fact-based understanding of a complicated and rapidly changing situation.

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In the Media

Two people hugging while wrapped in a Ukrainian flag

One year in, the ripple effects here of war in Ukraine

From the economy to the workplace, and from homes to arenas, measuring the impact of a battle waged an ocean and continent away. Overall, the Conference Board of Canada estimates the war in Ukraine accounted for a 1.2-per-cent rise in the inflation rate.

February 18, 2022  •  12-min read
Montreal Gazette  •  Pedro Antunes

High Gas Prices Could Easily Last a Year—and Go Even Higher, Experts Warn

With more major oil producers backing out of Russia, and a total ban on Russian oil exports being discussed by American, Canadian and EU diplomats, the price of crude oil could hit $150 (U.S.) per barrel.

March 8, 2022  •  4-min read
Toronto Star  •  Pedro Antunes

As Gas Prices Soar in Wake of Ukraine War, Canadians Could See Cost of Goods Go Up

As Canadians feel the strain of record-breaking gas prices—which have no clear end in sight—experts warn the spike in fuel costs could be part of a larger inflationary trend that ripples through the rest of the economy.

March 8, 2022  •  5-min read
National Post  •  Pedro Antunes


Two men conferring over a tablet device

Canadian Economics     February 14, 2023

Last week, Statistics Canada released another solid jobs report. However, commentaries that followed the announcement took it as bad news, suggesting that the Bank of Canada has not raised rates sufficiently to slow economic growth and inflationary pressures. But the opposite is true.

Op-ed  •  3-min read

Ted Mallett

Director, Economic Forecasting, The Conference Board of Canada

Russia has shaken the world order by choosing to go down a one-way path. The smooth function of societies and international market economies rely on trust—and by betraying that, Russia has likely done immeasurable damage to its own long-term interests.

Available Research


The war in Ukraine brought the country and its people to the forefront of international attention. Every day more and more people are seeking to help Ukrainians to end the war and to recover from the damage that is being inflicted.

Dr. Marnie Howlett has dedicated her life to understanding—and helping others understand—how Ukraine and its people view their country and their unique position as a borderland between Europe and Russia.

She joins us this episode to provide a deeper understanding of how Ukraine’s history, its complexities and its realities on the ground have helped to shape the war and are fueling the Ukrainian resistance.

The ongoing war in Ukraine has shaken the foundation of international relations. In many ways this war feels like déjà vu—a land war in Europe, a larger power attempting to overtake another smaller country for its own gains. But in other ways this war is unprecedented. Professor Jane Boulden joins us this episode to help make sense of the impact of the war in Ukraine on the international order, on the United Nations, and on how this war has eroded the rules-based order that we thought governed international relations.

The Russian invasion of Ukraine sent shockwaves around the world and Canada is not immune. Join the Conference Board of Canada’s economic forecasting team as they discuss how this conflict will impact Canadian producers, government, and consumers. They will also discuss opportunities for Canada to build on its special relationship with the people of Ukraine to play a bigger role in post-war rebuilding.