Trying to figure out the impact tariffs will have on our economy is making the work of economists who are attempting to produce forecasts just a little bit harder this year.
Among those who have issued new forecasts is the team at TD Bank. And they have ranked Saskatchewan in fourth place among the province this time round with a projected expansion of 1.4-percent this year and 1.1-percent next year.
And here are some of the factors they are trying to weigh.
First there’s tariffs. Saskatchewan will be among those somewhat shielded from the US tariffs. First of all, energy and potash are targeted to get a lower tariff. Secondly, we are among those who are least dependent on the US market as a destination for our exports.
However, Saskatchewan will also feel the brunt of Chinese tariffs on canola products. So forecasting is a challenge.
In general terms, TD says it has slashed its growth targets from coast-to-coast. Locally, unemployment will remain low, housing starts will drop pushing prices 10-percent higher.
