Despite what we’re hearing about the national economy, Saskatchewan is not headed for a recession.
That’s the principal message carried in the latest forecast issued by the Conference Board which says the province will avoid an economic contraction this year.
On the national scene, slowing consumer spending and higher interest rates raise the possibility of a recession but the Conference Board says Saskatchewan’s economy is being buoyed by strong investment in the mining sector fueled primarily by strong demand for potash. That, coupled with the strength of our agricultural sector, will be enough to keep the province in growth mode through the remainder of this year and all of 2024 and 2025.
The Board’s updated forecast is calling for GDP growth of 2.5 per cent this year and roughly two per cent annually after that.
Another factor helping to spur the provincial economy forward is population growth which is increasing at its fastest pace in more than a century, something the Board says may suggest we are enjoying more net migration than previously thought.
