North American economic snapshot: Insights & trends

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The outlook for exporters, is slightly better, mostly because of U.S. demand for crude oil, agri-foods, machinery and equipment, and consumer goods. Stronger demands for exports will be needed to support the economy, with a GDP growth of 0.9% in 2024, before it rebounds to 1.8% in 2025.

On the other hand, economic clout in the U.S. will continue to impact the Canadian dollar. The strong U.S economy will continue to suppress the loonie at US$0.74. There’ll be an uptick to US$0.78 in 2025, once the Canadian economy is on firmer ground and oil flows through the new Trans Mountain Expansion (TMX) pipeline to tidewaters in Asia-Pacific where prices are expected to be better.

Although interest rates may curtail short-term spending for businesses, long-term capital plans are likely to remain intact, along with plans to retain the existing workforce. As borrowing costs begin to ease in the second half of this year and demand conditions improve, business investment is likely to pick up next year.

The outlook for 2025 is brighter. With inflation cooling and interest rates easing, consumers are likely to be less cautious and can tap into their sizable savings to boost real GDP growth by 1.8%. Yet, with the U.S. and Mexico—and 62 other countries—holding national elections in 2024, the risk to the economic outlooks are bound to be uncertain.

How EDC can help Export Development Canada (EDC) offers several solutions, including market intelligence and business connections, to support Canadian companies in their global expansion. Our sector-focused teams have a range of knowledge and expertise.

“We have local knowledge of how to do business in different markets, but we also have the right people who have the connections, and we can leverage that benefit to Canadian exporters,” says Jorge Rave.

“We have a significant and strong Team Canada, including the Trade Commissioner Service, as well as our guides on local culture and doing business as a Canadian exporter.”

Accessing the U.S. market should start with learning how to navigate and leverage the Canada-United States-Mexico-Agreement (CUSMA) and understand how the U.S. Buy America policy can impact business. EDC’s Export Help Hub covers the globe and can connect you with EDC trade advisors who can answer your questions, help you understand your challenges and help you find solutions for them. They specialize in markets and strategies and customs and regulation requirements. EDC offers the Business Connections Program, which promotes Canadian export capabilities to international buyers.

For Canadian exporters who need to mitigate risk, EDC offers financial and risk management solutions and tools.

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Source link : https://www.edc.ca/en/article/north-america-economic-outlook.html Author : Publish date : 2024-05-07 03:00:00 Copyright for syndicated content belongs to the linked Source .

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North American economic snapshot: Insights & trends

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