Slow Economic Activity Predicted for Rest or 2023 and into 2024


OTTAWA – POLITICS – According to recent research from The Conference Board of Canada, Canadian provinces will experience limited growth for the remainder of 2023 and into 2024. However, worst-case scenarios such as a deep recession or highly destabilized labor and capital markets are becoming less likely. The Conference Board predicts that the hospitality, transportation, arts, and recreation sectors will lead growth through 2025.

Newfoundland and Labrador’s GDP contracted 1.8% in 2022 but is expected to rebound by 2.2% in 2023 and 2.1% in 2024, thanks to the resumption of oil production from the Terra Nova platform.

Alberta’s GDP growth in 2023 is expected to be supported by high commodity prices, and the agricultural sector looks promising following its recovery from the 2021 drought.

Saskatchewan’s mining and agriculture sectors are expected to drive growth in 2023, with farm receipts posting the biggest increase of any province in Canada.

Manitoba’s strong performance in agriculture is predicted to continue in 2023.

Meanwhile, Prince Edward Island’s economy is expected to benefit from the tourism sector and the Canada Winter Games.

Ontario’s high-skilled sectors will experience output growth above the national rate, but the manufacturing sector will contract in 2023.

British Columbia’s economy is exposed to higher debt costs due to high household indebtedness.

Nova Scotia’s economy will benefit from the demand for fishing and agriculture products.

Finally, Quebec’s GDP growth is forecasted to be 0.2% in 2023 and 2.0% in 2024, while New Brunswick’s economy is expected to expand by 0.1% in 2023 and 1.8% in 2024.

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