Anemic growth awaits Quebec in the next two years, according to the Conference Board. Of all the Canadian provinces, Quebec will suffer the most from the difficult economic situation, predicts the independent organization.
Growth is expected to be just 0.1% for each of the next two years. Household consumption, which has supported growth in recent quarters, is no longer there, explains Pedro Antunes, chief economist of the Conference Board. “Rising borrowing costs and falling excess savings are taking an increasing toll. »
Also, demand for exported products is declining due to the economic slowdown among Quebec’s main trading partners. Ontario is expected to fare a little better, with projected growth of 0.8% in 2024 and 0.3% in 2025, thanks to population growth that will prevent a sharp slowdown.
According to the Conference Board, strong population growth is positive for the Canadian economy as a whole, because it supports employment and economic activity.
