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

VIDEO: Record turnout for third annual Langley car show against cancer

Brogan’s Diner Fight Against Cancer Car Show was turned into a road trip because of COVID-19

Langley City re-opens Monday to limited weight room and fitness classes

Still no drop-ins allowed, but some pre-registered appointments possible at Timms Community Centre

Langley artist Lalita Hamill launches new website to showcase art and share instructional videos

A Zoom session on Saturday, July 18, will serve as a free art assessment and critique at 10 a.m.

Langley resident could be the next Maxim Magazine covergirl

Kyla Steele is currently sixth place out of 48 in the online voting contest quarter-finals

Langley Rugby Club welcomes return-to-play plan

‘It might not be the sport as we know it’ club chair warns

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.

Fraser Valley loses the Keith Wilson Waver as Ron Hupper passes away

Hupper brought smiles to the faces of hundreds of people traveling Chilliwack’s Keith Wilson Road

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

Woman sexually assaulted, robbed near Surrey SkyTrain station: RCMP

Police say the incident happened July 10, just after 11 p.m. near King George SkyTrain station

B.C. Ferries increasing passenger capacity after COVID-19 restrictions

Transport Canada 50-per-cent limit being phased out, no current plans to provide masks

Once-in-a-lifetime comet photographed soaring over Abbotsford

Photographer Randy Small captures Comet NEOWISE in early-morning sky

Most Read