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

Machine pistol among 14 firearms seized from Alaska man at Abbotsford border crossing

Corey Scott Kettering faces charges of smuggling and prohibited firearm possession

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

UFV to launch Peace and Reconciliation Centre in Abbotsford

Online event on Sept. 24 features keynote speaker Bob Rae and Steven Point

UFV wrestler Jason Bains receives four-year suspension for using banned substance

Surrey native tests positive for oral steroid Turinabol, silver national medal removed for violation

Fraser Valley foursome to hike 70km over mountains in memory of friend

Friends from Abbotsford and Langley to hike from Hope to Tulameen for Brook Morrison

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Fraser Health relocates Surrey COVID-19 testing centre

New location will triple testing capacity: Dr. Victoria Lee

Man sentenced to 7 years for gas-and-dash death of Alberta gas station owner

Ki Yun Jo was killed after Mitchell Sydlowski sped off in a stolen cube van without paying for $198 of fuel

70-year-old punched in the head in dispute over disability parking space in Nanaimo

Senior’s turban knocked off in incident at mall parking lot

Altercation with gunfire in Lower Mainland lands two in hospital

Quiet area of Langley was awoken at 5 a.m. Friday morning to a fight involving gun shots

Record-breaking 165 new COVID-19 cases diagnosed in B.C. in 24-hour period

Fifty-seven people are in hospital battling the novel coronavirus

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

PHOTOS: One injured in shooting on South Surrey-Langley border

Shots reported near 194 Street and 34 Avenue, burned-out vehicle found in 18100-block of 12 Avenue

Most Read