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2021 YEAR IN REVIEW & 2022-23 OUTLOOK

Economic Outlook cover photo.

Canada’s economic growth prospects over 2022-23 are highly uncertain, though the near-term outlook is sound. Thanks to vaccines, therapeutics, and growing population immunity, the coronavirus is becoming less of threat. Nevertheless, new variants and future waves that prolong the pandemic and lead to renewed economic disruptions cannot be ruled out. And even with the pandemic receding, its economic fallout is still being felt through supply chain disruptions, severe labour shortages, and high and persistent inflation. On top of this, the Russian invasion of Ukraine has added another source of uncertainty and volatility in the global economy. Notwithstanding these significant risks, the Canadian economy is forecast to expand by 4.2% this year and 2.7% next year, following a 4.6% gain in 2021.