Canadian $100 bills are counted in Toronto, Feb. 2, 2016. The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown. THE CANADIAN PRESS/Graeme Roy

Forecast says Canada’s economy will grow in 2021 if there isn’t another national shutdown

Group projects Canada’s national unemployment rate will peak at 13.7 per cent

The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown.

The private sector group’s quarterly forecast estimates Canada’s economy will shrink by 8.2 per cent this year, after about three million jobs were lost in March and April due to COVID shut-downs.

It also projects Canada’s national unemployment rate will peak at 13.7 per cent in the second quarter ending June 30, the highest since the measure was first recorded in 1976.

But the report says the addition of nearly 300,000 jobs in May and continued easing of restrictions in June probably indicate the pandemic’s worst impact on the labour market has passed.

It’s projecting the addition of another 1.3 million jobs in the July to September quarter, dropping the national unemployment rate to 10.5 per cent.

The Conference Board says that if the country can avoid a second national shutdown, Canada’s economy could grow by 6.7 per cent in 2021 and by 4.8 per cent in 2022.

READ MORE: Feds to reveal state of Canada’s COVID-affected economy, release fiscal ‘snapshot’ on July 8

The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

CanadaCoronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Morning Start: Big Bertha is the oldest cow to ever live

Your morning start for Tuesday, July 14, 2020

Accused in suspected Shuswap home invasion faces additional charges

One of men charged in Dec. 28 incident faces four counts from two weeks earlier

Driver ticketed after rollover on Highway 1 near Salmon Arm

Jeep Cherokee hit rock face before rolling multiple times

Foul play not currently suspected in death of man found near Sicamous

Body found in woods near vehicle linked to Edmonton police investigation of suspicious death

B.C. records 62 new COVID-19 cases, two deaths since Friday

Province has just over 200 active cases

Canadians torn on scaling back COVID-19 benefits to save money: poll

Of those surveyed, 78 per cent said they were worried about the size of the deficit

Summerland approves solar project

Despite community opposition, council voted 4-3 for Cartwright Mountain location

Police search for suspect in assault on woman in downtown Kelowna

Kelowna police received a report a woman had been assaulted by an unknown man on July 12

‘Trauma equals addiction’ – why some seek solace in illicit substances

Part 2: Many pushed into addiction by ‘toxic stress,’ says White Rock psychologist

Hotel rooms for B.C. homeless too hasty, NDP government told

Businesses forced out, but crime goes down, minister says

Two positive COVID-19 cases at Oliver farm

The risk of exposure to the general public related to this farm is considered to be low

Oliver Town Hall closed to public as staffer displays COVID-19 symptoms

One staff member at Oliver Town Hall is being tested for coronavirus

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

Most Read