The latest provincial outlook from The Conference Board of Canada predicts the country will see very little improvement in the economy this year, with at least one quarter of negative economic growth expected
Canada's provinces are poised for limited economic activity and sluggish growth for the rest of the year and into 2024, but the risk of a drawn-out recession is increasingly unlikely, according to a report released Tuesday. But the worst-case scenarios of a protracted recession or highly destabilized labour and capital markets are becoming less likely, the Ottawa-based economic think tank said.
The report said inflation has turned a corner and the country is entering a period of steady — though still restrictive — interest rates. "We forecast a strong rebound in the oil and gas sector this year, with production resuming at the Terra Nova platform after its overhaul in Spain," the Conference Board said in its provincial outlook.
"Alberta’s oil and gas sector saw a nice end to 2022, with increased drilling activity leading to higher production," the report said. "Stable oil prices are expected to benefit the sector in 2023 and beyond." The Conference Board forecasts Saskatchewan’s GDP to expand 1.6 per cent in 2023, followed by a 2.0 per cent gain in 2024.
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