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Jun 9, 2023

Economic slowdown on horizon

An economic slowdown is on the horizon for many Canadian provinces as pressures weigh on consumers and businesses, says research from the Conference Board of Canada. “Despite our outlook pointing to growth in all regions, a recession is likely for much of the country later this year,” says Ted Mallett, its director of economic forecasting. “Commodity producing provinces will perform better than construction and manufacturing, while further growth is expected in travel and recreation sectors which still have ground to make up from the pandemic.” The research says this year, construction will be the main driver of economic activity in Newfoundland and Labrador, while population growth will boost GDP in Nova Scotia and New Brunswick. Job and wage growth will help the Quebec economy and growth in high contact service sectors will keep Ontario’s economy fairly steady. Manitoba’s GDP is expected to be a bit stronger, driven by strong performance that’s anticipated in the agriculture sector. Saskatchewan’s economy is expected to maintain its momentum throughout 2023, guided by the mining sector. Strong net migration will continue benefiting Alberta and ongoing investment projects will buoy British Columbia’s economy this year.

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