Outlook shows that British Columbia will lead provincial economic
growth in 2019 and 2020
TORONTO, July 15, 2019 /CNW/ - British Columbia will
lead provincial economic growth this year and next, says Scotiabank
Economics in its Q3 Provincial Economic Outlook. The report was
released this morning, on the heels of Scotiabank Economics'
overall Q3 Global Economic Outlook titled, "The Perils of
Trumponomics", published Friday.
"With continued strength in job creation and major project
activity in 2019 and 2020, British
Columbia will lead the provinces with respective real GDP
gains of 2.2% and 3.0%," said Marc
Desormeaux, Provincial Economist at Scotiabank.
"Quebec and PEI round out the top
three this year; 2019 forecasts have been marked down for
Alberta and Ontario, but both provinces should show
stronger growth in 2020."
Highlights of Scotiabank's Provincial Outlook include:
- Pipelines: transportation capacity issues remain in
place and are behind downward revisions to the forecast in the
western Canadian oil patch.
- Government Policy: provincial governments continue to
take different approaches to economic management, as demonstrated
by new plans and details of previously announced policy.
- Housing: housing markets dragged on growth in
Ontario and BC to begin 2019, but
are set to align more closely with economic fundamentals across the
country.
- International Trade: diplomatic tensions with
China present significant downside
risks for growth in several jurisdictions, and add to an already
uncertain trade outlook.
- Population Growth: above-trend population gains have
continued across much of the country, and compositional shifts are
key to forecast changes across a number of provinces.
Read Scotiabank's full Provincial Outlook online here.
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factors shaping the outlook for Canada and the global economy, including
macroeconomic developments, currency and capital market trends,
commodity and industry performance, as well as monetary, fiscal and
public policy issues. Follow this research on Twitter at
@ScotiaEconomics.
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SOURCE Scotiabank