Stuart Bergman

Vice-President and Chief Economist
Export Development Canada


A rocky recovery

Following two solid years of post-COVID-19 catchup, the global economy has hit a soft patch. While we don’t anticipate a return to the lows of the pandemic period, we expect to see a drag on activity over the next 12 months, before economies stabilize later in 2024.

EDC Economics expects U.S. growth to fall to 1.3% in 2023 and just 1% the following year. Canada’s heavily indebted households will also dial back spending, to service higher debt costs, hitting overall activity and bringing gross domestic product (GDP) growth to 1.2% in 2023 and 1.4% in 2024. In Europe, we expect growth to fall to 0.9% this year and 1.1% in 2024.

Export Development Canada’s summer 2023 Global Economic Outlook is a must-read, packed with valuable information, as well as insights on the world’s key economies, interest rates, commodity prices and exchange rates.

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

Geopolitical economic impacts

Key economic indicators will show how geopolitical tensions, as well as supply chain issues, have impacted the global economy and the outlook for 2023 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 more key insights.



Date modified: 2023-06-29