B.C. will lead provincial economic growth in
2020; Alberta to lead next
year
TORONTO, Jan. 14, 2020 /CNW/ - British Columbia will
lead the provinces in economic growth this year, with Alberta claiming the top spot in 2021, says
Scotiabank Economics in its Q1 Provincial Economic Outlook. The
report was released today, following Scotiabank Economics' Q1
Global Economic Outlook titled, "A Most Uncertain World, Take 2",
published Monday.
"Helped by work related to the LNG Canada project in
Kitimat, a healthy labour market
and recovering home sales activity, B.C. will lead the provinces in
economic growth in 2020," said Marc
Desormeaux, Provincial Economist at Scotiabank.
"Accelerating investment activity and job creation are expected to
drive Alberta's growth in
2021."
Highlights of Scotiabank's Provincial Outlook include:
- Employment growth: Most provinces should witness more
moderate job creation following last year's surge.
- Trade: Factors such as global policy uncertainty,
diplomatic tensions between China
and Canada, and a slowing US
economy in 2020 are expected to weigh on the provinces'
growth.
- Population growth: Last year's unexpected broad-based
population upsurge should largely persist into 2020, with some
changes expected in interprovincial flows.
- Housing: A Q4 2019 upswing in local home sales and
prices points to a more buoyant 2020 outlook, though regional
supply-demand imbalances remain.
Read Scotiabank's full Provincial Outlook online
here.
Scotiabank Economics provides in-depth commentary on economic,
financial market and policy developments, both domestically and
internationally. Follow this research on Twitter at
@ScotiaEconomics.
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SOURCE Scotiabank