Economic Outlook: Omicron clouds the outlook

Published on: Jan 18, 2022

This quarter’s outlook sees several factors shaping the nation’s economy, including labour shortages, inflation, and supply chain issues. Households are benefitting from the robust labour market recovery, and their spending is expected to continue to be the main driver of near-term growth. Prices for many commodities have risen well above pre-pandemic levels and global demand is expected to remain strong, providing incentive for organizations to execute their delayed investment plans. Despite the near-term challenges posed by the pandemic, it remains important to focus on the long-term structural issues facing Canada: an aging population, global competitiveness, and climate change. This pandemic has proven that our country is capable of tackling difficult issues with serious investment in time and resources.


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