Canadian $100 bills are counted in Toronto, Feb. 2, 2016. The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown. THE CANADIAN PRESS/Graeme Roy

Forecast says Canada’s economy will grow in 2021 if there isn’t another national shutdown

Group projects Canada’s national unemployment rate will peak at 13.7 per cent

The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown.

The private sector group’s quarterly forecast estimates Canada’s economy will shrink by 8.2 per cent this year, after about three million jobs were lost in March and April due to COVID shut-downs.

It also projects Canada’s national unemployment rate will peak at 13.7 per cent in the second quarter ending June 30, the highest since the measure was first recorded in 1976.

But the report says the addition of nearly 300,000 jobs in May and continued easing of restrictions in June probably indicate the pandemic’s worst impact on the labour market has passed.

It’s projecting the addition of another 1.3 million jobs in the July to September quarter, dropping the national unemployment rate to 10.5 per cent.

The Conference Board says that if the country can avoid a second national shutdown, Canada’s economy could grow by 6.7 per cent in 2021 and by 4.8 per cent in 2022.

READ MORE: Feds to reveal state of Canada’s COVID-affected economy, release fiscal ‘snapshot’ on July 8

The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

CanadaCoronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

QUIZ: Are you ready for a summer road trip?

How much do you really know about roads, motor vehicles and car culture? Take this quiz to find out.

Provincial COVID-19 data can now be used for B.C. to prepare for a second wave

In the past week, B.C. has seen a slight spike in daily test-positive case counts

Column: One parenting book certainly doesn’t fit all

Like the fingerprints they are born with – each child is different.… Continue reading

Pooch abandoned at Penticton doggy daycare suffered from oral disease

A fundraiser for Okie held by the BC SPCA surpassed its goal of $1,700

Keremeos Volunteer Fire Department receives $25k grant

Money used on a truck with low volume, high pressure water pump to fight wildfires

Islanders want BC Ferries to follow order that lets residents board before tourists

For ferry-dependent communities, ferries are often the sole practical lifeline to work, school or medical appointments.

Okanagan sisters-in-law sleep out successful

Kiley Routley and Heidi Routley raise nearly $2,400 and awareness for youth homelessness

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

Genetic detectives begin work to trace spread of COVID-19 in Canada

The kinds of genetic technology being used for this project did not exist when SARS hit Canada in 2003

Sports fishers protest Fraser River Chinook closures

Public Fishery Alliance wants hatchery fish open for harvest

COVID-19: Homeless to be relocated from temporary Okanagan shelter

Homeless shelters in Vernon have been combined into one site at the curling rink since April

Dozens of fish die at popular lake near Chase

A few natural phenomena are possible causes for their deaths.

Most Read