Stuart Bergman

Interim Chief Economist and Vice-President
Export Development Canada

 


Global forecast: On track for strong, but uneven growth

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.


GEO overview

Forecast table of GDP growth rates for select countries and regions

   

Forecast table of interest rates, exchange rates and U.S. housing starts

   

Forecast table of prices for oil, natural gas, gold and copper


 

Globe rests on a table

COVID-19 economic impacts

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.


 

Businessman prepares to cross street in busy downtown

Interest and exchange rates

Take a look at key interest and exchange rates for Canada, Europe and the United States.


 

Sun sets over oil rig

Commodity prices

Find out how commodities, like oil, natural gas, copper and gold, are performing globally.

 

 

Continue reading the Global Economic Outlook for valuable insights.