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Economic Outlook | October 2021

Published on: Oct 14, 2021

Charting a path to recovery

The nation’s economic recovery is undoubtedly on a slower path than expected a few months ago.

However, despite the uneven and slower growth profile, Canada’s near-term economic growth trajectory remains solid. Households and governments are in a position to increase their spending. The global rebound and the recovery in commodity prices will help fuel short-term export growth, while business investment is set to accelerate from very low pandemic levels. These factors will fuel economic growth of 4.9% this year and 4.3% in 2022.

A key risk to the outlook is the possibility of higher inflation, which we are monitoring closely.

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