Prairie Provinces Lead in Economic Growth: Report
The Conference Board of Canada says the Prairie provinces are likely to be the strongest performers economically this year, even as the Bank of Canada’s inflation-fighting measures dampen the country’s overall economic output.
In a new report examining the factors that will drive Canada‘s provincial economies between 2022 and 2024, the nonprofit think tank says Saskatchewan will lead the country with real growth of 7.6% this year and that the Alberta will see a gain of 4.9%. .
It says the oil and gas sector will drive the economies of Saskatchewan and Alberta through 2024.
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The report also indicates that Newfoundland and Labrador will experience stronger economic growth when offline oil production resumes in 2023.
An aging population could dampen growth in Quebec, the report adds, while a reversal in the trend towards remote working will limit gains in Atlantic Canada as some workers move away, particularly in Nova Scotia and New Brunswick. Braunschweig.
The report says a recovery in the manufacturing, hospitality and leisure sectors will likely boost the economy of Ontario and British Columbia.
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