Saskatchewan’s economy is expected to post growth of 1.4 per cent this year and a stronger 2.1 per cent expansion in 2025.
That is the bottom line of the latest provincial forecast issued by the team at ScotiaBank. In both cases, we are in the middle of the pack, according to the bank.
But their narrative surrounding the report provides a broader perspective of where we sit on the national picture.
First all, they say Western Canada has consistently led the growth charts and will continue to so in the medium term. For Saskatchewan, one of the key highlights is immigration. It is starting to slow down in other regions, especially in Atlantic Canada, but the inflow here is continuing.
And, the fact that we rely heavily on the Immigrant Nominee Program – more than half of our newcomers arrive under the program compared to just 10 per cent in Ontario – means that their skills usually match demand so they have an easier transition into the workforce.
That means our population growth will translate into economic expansion, unlike other regions where population growth usually means higher unemployment.
