As the world grapples with shifting economic news, COVID-19 and the conflict in Ukraine, Canadian companies are facing new risks during these uncertain times. EDC’s Global Economic Outlook offers insight on these challenges to help you make better business decisions.
Export Development Canada’s spring 2022 Global Economic Outlook is a must-read, packed with valuable information on the impact of COVID-19, as well as the growth in the next two years in the world’s key economies, interest rates, commodity prices and exchange rates.
As the economic impacts of COVID-19 recede, the global economy was heating up. The conflict in Ukraine, however, has complicated the outlook significantly, triggering a break between the fortunes of the world’s major economic blocs. However, a tight job market and strong consumer savings will help drive growth in North America. While inflationary pressures far outweigh any fears of a growth slowdown here, we expect central banks to effectively manage any overheating, helped by a rotation in demand back toward services and additional spending on business investment.
EDC Economics expects the global economy to grow by 4.1% in 2022 and 3.9% in 2023. The U.S. economy is forecast to grow by 4% this year and a still-strong 3.1% in 2023. Our base case calls for Euro Area growth of 2.9% in 2022 and 2.5% in 2023, with significant risks to that outlook. The Canadian economy will see continued strength in 2022: Up 4.1% and moderating to 2.6% in 2023. We anticipate developed markets to post growth of 3.3% in 2022, before stabilizing at 2.8%, in 2023.
Key economic indicators will show how COVID-19, as well as supply chain issues, have impacted the global economy and the outlook for 2022 and beyond.
Take a look at key interest and exchange rates for Canada, Europe and the United States.
Find out how commodities, like oil, natural gas, copper and gold, are performing globally.
If a customer doesn’t pay you, EDC will. Whether you use SCI to insure international or Canadian sales, EDC will cover 90% of your insured losses.
EDC’s Canadian Economic Recovery Tracker highlights key trends in Canada’s economic performance.
