As the world grapples with COVID-19 and rapidly shifting economic and political news, 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 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, commodity prices, interest rates and exchange rates.
With a steady vaccine rollout and as new coronavirus infection rates continue to decrease, confidence is building in economies around the world. Now that U.S. President Joe Biden’s administration’s US$1.9 trillion stimulus program is official, economists are unanimous that U.S. growth will be quite strong this year, at around 5%-6% in 2021.
EDC Economics have raised the forecast for U.S. growth in 2021 to 6.3%, a boost of over two percentage points from our autumn outlook. That’s a massive upward revision, and despite Buy American fears, is having a profound effect on global growth. We have increased our call for global growth to 6.4% for 2021, with a robust 5.4% forecast for 2022. The improved economic outlook for the U.S. will anchor the worldwide forecasts: China’s early rebound suggests strong support for its 10.8% bounce this year, while India is expected to see a whopping 12.3% pop. Following a decline of 5.3%, Canada is forecast to see a rebound of 5.5% this year, followed by above-average 4.1.% growth in 2022.
This is the best news since the pandemic hit a year ago. All being well, the fiscal boost should encourage private spending, finally lifting us from COVID-19’s quagmire.
Key economic indicators will show how the coronavirus has impacted the global economy and the outlook for 2021.
A look at key economic indicators in the United States and Canada, including housing starts and GDP.
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.
Get expert insight on the global economy and opportunities for Canadian exporters in 2021.
