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Scotiabank Economics releases Q1 Provincial Economic Outlook

CNW Group - Tue Jan 14, 11:27AM CST

B.C. will lead provincial economic growth in 2020; Alberta to lead next year

British Columbia will lead the provinces in economic growth this year, with Alberta claiming the top spot in 2021, says Scotiabank Economics in its Q1 Provincial Economic Outlook. The report was released today, following Scotiabank Economics' Q1 Global Economic Outlook titled, "A Most Uncertain World, Take 2", published Monday.

"Helped by work related to the LNG Canada project in Kitimat, a healthy labour market and recovering home sales activity, B.C. will lead the provinces in economic growth in 2020," said Marc Desormeaux, Provincial Economist at Scotiabank. "Accelerating investment activity and job creation are expected to drive Alberta's growth in 2021."

Highlights of Scotiabank's Provincial Outlook include:

--  Employment growth: Most provinces should witness more moderate
        job creation following last year's surge.
    --  Trade: Factors such as global policy uncertainty, diplomatic
        tensions between China and Canada, and a slowing US economy in
        2020 are expected to weigh on the provinces' growth.
    --  Population growth: Last year's unexpected broad-based
        population upsurge should largely persist into 2020, with some
        changes expected in interprovincial flows.
    --  Housing: A Q4 2019 upswing in local home sales and prices
        points to a more buoyant 2020 outlook, though regional
        supply-demand imbalances remain.

Read Scotiabank's full Provincial Outlook online here.

Scotiabank Economics provides in-depth commentary on economic, financial market and policy developments, both domestically and internationally. Follow this research on Twitter at @ScotiaEconomics.

About ScotiabankScotiabank is a leading bank in the Americas. We are here for every future. We help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 100,000 employees and assets of over $1 trillion (as at October 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX:BNS.TO) and New York Stock Exchange (NYSE:BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

View original content: http://www.newswire.ca/en/releases/archive/January2020/14/c8509.html

SOURCE: Scotiabank

For media inquiries only: Julie Wainwright, Global Communications, Scotiabank, (416)
866-4720, julie.wainwright@scotiabank.com

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