As Canada heads into a possible recession, some provinces are in for a rougher ride than others, says RBC. Read more
Ontario is the only province where RBC expects the economy to actually shrink in the coming year, forecasting a 0.1 per cent decline in real GDP for 2023.Article content
Ontario manufacturers have been hit by global supply chain disruptions over the past few years, but demand hasn’t been a problem, RBC said. Now, with a slowdown impacting markets here and aboard, the economists see demand waning and manufacturing activity slowing in the year ahead. Nor does there appear to be anything in the pipeline to take their place, with the start of liquid natural gas production still a few years away, they said. RBC expects real GDP in British Columbia to inch up 0.3 per cent in 2023.
“Our forecast calls for a solid 1.9 per cent growth in 2023, outpacing all other provinces,” RBC said.
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