The world’s economy is finding a sustainable foothold and the next economic growth cycle is on its way, according to an Export Development Canada (EDC) forecast announced October 29.
EDC forecasts that Canadian exports will increase 4.4% this year and 5.3% in 2014. The forestry, aircraft and machinery industries in particular are expected to fare well.
“Conditions are already ripe for decent Canadian export growth,” said EDC chief economist Peter Hall. “The loonie is weakening, our dominant export market is leading the global growth story, key leading exports are already surging and demand for resources remains strong.
“Global growth is being stoked by two key drivers: a groundswell of pent-up demand and the return of a long-lost friend: confidence.”
EDC said the positive forecast is being driven by 12 consecutive monthly increases in Organization for Economic Co-operation and Development (OECD) indicators, a six-month run of gross domestic product growth in Japan and the European Union breaking out of its six-quarter recession.
Global growth is expected to increase to 3.9% in 2014 after two years of 3.2% growth.
The complete forecast is available here.
