Saskatchewan will be among the most well-positioned to deal with the upcoming Canadian economic downturn, says the economics team at Quebec-based Desjardins.
In its latest forecast or outlook report, the financial institution says Alberta and then Saskatchewan will place first and second for growth in the coming year. And, in third spot will be Newfoundland and Labrador, as Canada’s oil producers stand poised to fare the best in what this institution says will be a shallow recession early next year.
The Ontario and BC economies will lead the way on the downside as their housing markets continue to adjust to higher interest rates.
Desjardins has also revised Saskatchewan’s 2023 forecast to reflect a lower-than-expected crop this year but that is being offset by stronger oil prices coupled with increased uranium production along with rising capital investment levels.
Their forecast for next year sees growth of roughly one per cent in Saskatchewan, a market it describes as one that is not as sensitive to higher interest rates because of lower housing costs and a strong job market will prevent lay-offs.