June 12th, 2024

Provinces to see limited growth this year but protracted recession unlikely: Report

By The Canadian Press on February 28, 2023.

The Terra Nova FPSO is shown anchored in Conception Bay, Newfoundland and Labrador on Friday, October 23, 2020. New research says Canada's provinces are poised for sluggish economic activity and limited growth for the rest of this year and into 2024. THE CANADIAN PRESS/Paul Daly

OTTAWA – New research says Canada’s provinces are poised for sluggish economic activity and limited growth for the rest of this year and into 2024.

The latest provincial outlook from The Conference board of Canada predicts the country will see very little improvement in the economy this year and at least one quarter of negative economic growth.

But the think tank says the worst-case scenarios of a protracted recession or highly destabilized labour and capital markets are becoming less likely.

Among the provinces, the report says Newfoundland and Labrador will have the fastest-growing economy this year as the Terra Nova offshore oil platform returns to production.

The Conference Board says the Alberta and Saskatchewan economies will also perform well in the near term, powered by the oil and gas sector and favourable outlooks in agriculture.

On the other end of the spectrum, the report says the economies of Quebec and New Brunswick will be nearly flat this year before returning to growth in 2024.

This report by The Canadian Press was first published Feb. 28, 2023.

Share this story:

8
-7
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments