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.