This annual economic forecast presents the long-term national outlook. The U.S. economic outlook is presented in a separate section.
Canadian Outlook Long-Term Economic Forecast: 2020
Canadian Outlook Long-Term Economic Forecast: 2020
Canadian Economic Analysis
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- Economic growth is expected to improve from its recent sluggish pace but is unlikely to exceed 2 per cent over the long term.
- The Canadian economy, after growing by 1.6 per cent in 2019, will expand by 1.8 per cent in 2020.
- Weak consumer spending has been one of the main areas holding back economic growth over the last year. While consumer spending should accelerate in 2020, high levels of household debt will limit this improvement.
- The trade sector is also underperforming. Slowing global growth and ongoing trade tensions will prevent a stronger performance in 2020.
- Beyond 2020, economic growth will be constrained by declining labour force growth and weak business investment.
- Annual business investment is $50 billion below 2014 levels. There will be a rebound in the coming years, but growth will be slow over the long term.
- From 2020 to 2040, GDP growth is projected to average just 1.7 per cent.
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