Strong output from Canadian consumers not enough to avoid economic slowdown CanadiansInvest
OTTAWA – Canada’s economy is slowing as consumer spending and savings have shrunk, according to new research from The Conference Board of Canada, which forecasts the country’s real GDP to grow by 1.3 per cent in 2023, followed by a weaker 1.1 per cent gain in 2024.
Consumer spending remains surprisingly resilient amid flurries of economic turbulence, but unusually strong population growth has provided much of this support. Consumer confidence has improved over the past few months but remains low by historical standards. Low confidence typically heralds slower spending growth, particularly with the ongoing threat of a recession.
Canada’s labour market is likely to see major changes as rapid advances in AI models and their release through various applications have brought some new twists, not only to the long-term outlook but to the short- and medium-term outlooks as well. Shorter-term effects will be more nuanced, while the positive medium-term impacts will be seen in the applied sciences, management, culture, and recreation occupations.
More broadly, top-line inflation in the global economy has declined in the world’s major economies, mainly because of lower energy and food costs. Labour costs, however, in the services sector of the world’s major economies continue to increase at a pace inconsistent with the 2.0 per cent inflation target.
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