4.7% growth is expected for the Canadian economy during 2021


Analysts raised their forecasts for the growth of the Canadian economy this year, although they expected the economic recovery in Canada to be delayed from the recovery in the neighboring United States.
According to the monthly Bloomberg News Agency survey, experts expect the Canadian economy to grow this year at a rate of 4.7 percent of GDP, while their previous forecasts indicated that the economy would grow at a rate of only 4.4 percent.
Analysts also expect the economy to grow by 4.1 percent next year, unchanged from last month’s survey.
Bloomberg indicated that the high expectations are due to the outlook becoming more optimistic in recent weeks.
At the same time, the start of the use of vaccines against the emerging corona virus in the world has led to an increase in the prices of raw materials and commodities, which helps the Canadian economy, and the potential positive effects of the US financial stimulus package led to an increase in optimism about the Canadian economy’s prospects.
At the same time, analysts raised their expectations for the growth of the US economy by more than the increase in expectations for the growth of the Canadian economy to reach 4.9 percent of GDP during the current year, while the previous month’s expectations indicated that the US economy would grow by only 4.1 percent.
If these expectations are fulfilled, the US economy will continue to outperform the Canadian economy for the fourth consecutive year.
It is noteworthy that the estimates indicate that the Canadian economy contracted by 5.4 per cent last year, while the US economy contracted by only 3.5 per cent.


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