Canada’s provinces are poised for limited economic activity and sluggish growth for the rest of the year and into 2024.
Despite forecasting little output growth this year, the Conference Board said it expects a bounceback in activity in 2024 and 2025 as finance restrictions ease..The report said inflation has turned a corner and the country is entering a period of steady — though still restrictive — interest rates.
Among the provinces, Newfoundland and Labrador will have the fastest-growing economy in 2023 as offshore oil production picks back up, the report said.Article content The Conference Board is projecting that Newfoundland and Labrador’s GDP will increase by 2.2 per cent in 2023, before tapering slightly in 2024 and 2025.
The Alberta economy is set to grow by 2.1 per cent this year and rise to 2.8 per cent in 2024 before edging back down to 2.6 per cent in 2025, the Conference Board predicted. 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. Quebec’s real GDP growth in 2023 is expected to slow to 0.2 per cent and climb to 2.0 per cent in 2024 and 2.1 per cent in 2025.
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