Quebec will
lead provincial economic growth in 2019; BC to lead next
year
TORONTO, Oct. 16, 2019 /CNW/ - Quebec will lead the provinces in economic
growth this year, with British
Columbia and Alberta
claiming the top spots in 2020 and 2021, respectively, says
Scotiabank Economics in its Q4 Provincial Economic Outlook. The
report was released this morning, on the heels of Scotiabank
Economics' overall Q4 Global Economic Outlook titled, "A Most
Uncertain World", published Thursday.
"Lifted by firm job creation and an upswing in machinery and
equipment investment, Quebec will
lead the provinces in economic growth in 2019," said Marc Desormeaux, Provincial Economist at
Scotiabank. "Work related to the LNG Canada venture in Kitimat should propel BC to the top of the
table in 2020, with an uptick in investment activity expected to
drive Alberta's growth in
2021."
Highlights of Scotiabank's Provincial Outlook include:
- Population Growth: This year's population upsurge has
persisted—and accelerated in some regions—which limits downside
across a number of provinces.
- Job Creation: Above-trend employment growth remains key
to the forecast expansion in many jurisdictions in 2019.
- Fiscal Policy: The provinces continue to take different
financial and economic management approaches, but generally
improving balances in many major economies are on a positive
trend.
- International Trade: Risks related to Sino-US trade
tensions, the Sino-Canadian diplomatic skirmish and the possibility
of an uncertainty-led global economic slowdown remain in
place.
Read Scotiabank's full Provincial Outlook online
here.
Scotiabank provides clients with in-depth research into the
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