Expect uneven growth across Canada, Conference Board warns

OTTAWA — Canada’s economy is headed for uneven growth across the country with global uncertainty keeping some provinces underperforming, according to the Conference Board of Canada.

For every uptick in one indicator, there is a downtick in another, and the near term is fraught with risks

Nationally, the economy should expand by 1.8% this year and increase by 2.5% next year, the Ottawa-based think-tank said Wednesday. But that growth is contingent on a stronger performance in the United States and no additional overseas shocks.

The board expects Newfoundland and Labrador to lead growth this year, with a 6.1% advance, thanks mainly to large-scale energy projects. Saskatchewan is forecast to grow 3.9%, followed by Alberta with 3.1%.

The weakest economies will be in New Brunswick, with 1%, and Ontario and Quebec, both at 1.4%.

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“The global economic recovery is, once again, mired in uncertainty. For every uptick in one indicator, there is a downtick in another, and the near term is fraught with risks,� the board said.

“Overall, there’s not enough good news to spur confidence, and household and business confidence both remain well below their historical norms in many countries.�

It said “confidence is the missing link needed to help to lift private sector investment and job creation here in North America and in many other developed and developing economies.�

“Fiscal restraint is another key element that is keeping growth muted in much of the world, and the U.S. and Canada are no exception.�

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