Will it be easy? Want to discuss? Every month Statistics Canada publishes the results of the Labour Force Survey (LFS). Saskatchewan estimated a $2.4-billion budget deficit for the fiscal year, something University of Saskatchewan environmental and sustainability professor Greg Poelzer said is manageable. Labour ForceSo far, the unemployment rate in the Saskatoon Region has only risen by 0.7% to 6.4% for the first quarter of 2020. February 2020 Labour Force Survey Report Previous LFS reports are available at the Publications Centre. Economic Outlook No 107 - June 2020 – Single-hit scenario Economic Outlook No 107 - June 2020 – Double-hit scenario Economic Outlook No 106 - November 2019. Saskatchewan’s 2020 and 2021 unemployment rates are projected to be 8.6 per cent and 7.6 per cent, respectively. The Conference Board of Canada released its Provincial Outlook for Spring 2020 on April 15 th, confirming that Canada’s economy is and will continue to be strongly affected by COVID-19. Annual growth forecasts average to a contraction of 4.9% for 2020, followed by a rebound of 5.2% in 2021. “We’re seeing the worst economic downturn that any of us have lived through with a loss of 10s of thousands of jobs and an enormous impact on the lives of Saskatchewan people.”. We still have a lot more work to do. “We should be able to rebuild our economy and sustain services going forward.”. How we approach that process is crucial. Changes in World GDP Shares from Purchasing-Power-Parity Revisions 31 No. Growth next year and in 2022 is projected to slow to 0.7 per cent. Oil investment and production are expected to decrease by 37.1 per cent and 13.9 per cent in 2020, respectively. In 2019, the province’s unemployment rate was 5.4 per cent. Overview of the World Economic Outlook Projections at Market Prices 11 Table 1.1.1. All total goods exported in April fell by 8.2 per cent. The rebounding growth predicted in these forecasts for late 2020 and into 2021 depends on our caution, unity and dedication. Each month on the day the LFS is released, the Saskatchewan Bureau of Statistics prepares a detailed report outlining some relevant statistics for Saskatchewan. The latest news and updates on our city, economic development projects, events, and business related news right here on our feed. The report says, “The significant deterioration in oil and gas industry fortunes has clearly weighed heavily on Saskatchewan’s economy, where the sector accounted for 15% of GDP last year.” Halfway through the year, crude production was down 8.6 per cent. The Government of Saskatchewan release on April 23 rd of the Re-Open Saskatchewan Plan is a welcome step in the right direction for many in the Saskatoon Region. The feds haven’t stepped up to the plate for oil.”, READ MORE: Those numbers are similar to Canada’s real GDP forecasts — a 6.2 per cent decline in 2020 and a 5.4 per cent projected growth in 2021. January 16, 2020 11:30 AM to 1:15 PM DoubleTree by Hilton, Regina, Saskatchewan Area of Interest: Investments, Networking Format: In Person This presentation will provide an assessment of the global macroeconomic backdrop, including major economic and central bank developments in both the developed and emerging world – and the implications for financial markets and portfolio strategy in 2020. Despite the province’s optimism, the opposition isn’t as confident and showing displeasure in Saskatchewan’s 2020-21 budget. "Our economic forecasts … The OECD Economic Outlook is the OECD’s twice-yearly analysis of the major economic trends and prospects for the next two years. Saskatchewan to provide first COVID-19 deficit update, future outlook The update will include the latest deficit number as a result of the economic shutdown from the pandemic. Economic forecasts by six major Canadian financial institutions show an estimated average contraction of 6.0% for Saskatchewan in 2020, followed by a rebound of 4.5% in 2021. A return to more stringent containment measures could slow or even derail recovery and possibly trigger financial turmoil. Later in the year, growth is expected to rebound by 2.2% and 1.7% for Q3 and Q4 2020, respectively. Saskatchewan is lucky to have avoided some of the damage that other areas have seen. SREDA reviews the top sources for economic news, and sends the most relevant news items to your inbox every day in our Daily Economic NEWSflash. Accommodation and food service businesses continue to be impacted the most during the pandemic, with about 15,500 jobs (41.2 per cent drop) lost between February 2020 to May 2020. “The biggest downfall of course is oil,” Harpauer said. Mon 07 Dec, 2020 - 11:12 AM ET. “The government must be rather pleased they are going to come out of this looking at kind of a middle of the road deficit for what people are anticipating which bodes well for the rebound,” Poelzer said. CommoditiesFalling oil prices are weighing on an already-challenging environment in the province as the pandemic affects the economy. According to the Conference Board of Canada, the Saskatoon Region economy is expected to contract by 1.6% for Q1 2020, followed by a deeper contraction of 6.7% for Q2 2020. Before the crisis, global output was already showing signs of a slowdown, with timid growth in 2019.i However, the unanticipated economic shock December 2020 (Number 108) The COVID-19 pandemic will cast a long shadow and raises uncertainty over the world’s economies. As Saskatchewan proceeds carefully through the re-opening phases, retooling to suit the changed needs of a new normal is crucial. Worse is expected for Q2. Quarter 1-2020 Economic Snapshot and Outlook. September 10, 2020 Provincial Outlook Quarterly forecasts of the economic prospects for each provincial economy including forecast detail tables and key provincial comparisons. Total employment decreased by 10 per cent between February 2020 and May 2020, as outlined in Saskatchewan’s 2020-21 provincial budget. Social Sharing READ MORE: POSTAL ECONOMIC OUTLOOK 1. Saskatchewan confident in economic recovery, outlined in 2020-21 provincial budget. The Government of Saskatchewan release on April 23rd of the Re-Open Saskatchewan Plan is a welcome step in the right direction for many in the Saskatoon Region. “It gives the government a little bit of flexibility over this upcoming year to respond to the COVID crisis and the bounce back we need in the economy.”. The Conference Board of Canada forecasts that the unemployment rate will reach 14.4%, followed by a recovery to 6.8% in both Q3 and Q4 2020. The Saskatoon Region economy has been impacted by the COVID-19 pandemic, leading SREDA to reduce its Q1 economic rating for the Saskatoon Region to a C+. We will need spending restraints,” said Donna Harpauer, Saskatchewan finance minister. A surge in the agriculture and food exports have offset weakness in energy exports. SREDA reviews the top sources for economic news, and sends the most relevant news items to your inbox every day in our Daily Economic NEWSflash. These conditions should translate into a growth rate of about 1.7% for the Canadian economy in 2020. 5. “These are projects that will result in much needed economic activity and jobs,” Harpauer said. In 2019, the province’s unemployment rate was 5.4 per cent. Economic outlook | September 2020 Strong reopening leads to long recuperation. Overall, the province believes it’s due for a rebound in 2021, assuming that economies all over the world return to normal. This will be a multi-year fix to get back to where we were. “Saskatchewan has what the world needs — food, fuel and fertilizer. Saskatoon’s economic diversity, low business costs and high quality of life make it the perfect place for businesses and people to thrive. 1. We expect global real GDP to decline by 4.7 per cent this year, crushed by the lockdowns that brought a halt to non-essential activities in most countries in the second quarter of 2020. “People are hurting more and more and they’re looking at today’s budget for some indication that the government has a plan. World Economic Outlook, Selected Topics 171 IMF Executive Board Discussion of the Outlook, October 2020 181 Tables Table 1.1. Trump rewards allies with high-level appointments as presidency winds down, More Republicans finally accept Biden win after U.S. The Saskatchewan government is forecasting a record-high $2.4 billion deficit — what Finance Minister Donna Harpauer is calling a "pandemic deficit" — for 2020-21. “They’re (oil industry) well aware of their challenges and there’s not much optimism at present. Provincial Outlook Long-Term Economic Forecast: Saskatchewan—2020. The combination of the COVID-19 pandemic and an oil price shock has triggered the deepest recession of the Canadian economy in modern history. The threat of a prolonged COVID-19 pandemic is the main risk to the outlook. Unfortunately, they won’t find it. The Conference Board of Canada’s 2020 Outlook for Saskatchewan. Those staples will still be needed,” Harpauer said. We are still in a provincial state of emergency and will be for some time. “It depends on how other countries open their economies and their ability to buy product. April 15, 2020. It will fall to 5.5% in 2021, 4.6% in 2022, and 4.0% in 2023. The year 2020 was a watershed: the most severe pandemic since 1918, and the worst economic crisis since the Great Depression. As for potential tax increases, Harpauer said she believes there isn’t a need for one at this point in time, but will reassess the situation later, if necessary. The province says its economic recovery also relies on oil prices rebounding. The province is also investing $7.5 billion as part of its capital plan which includes $2 billion announced in May. Fundamentals have not changed.”. As the economy slowly opens back up, rising uranium prices are expected to benefit the industry – prices have reached a 4-year high. https://www.conferenceboard.ca/docs/default-source/provincial/24536_summexec-provincial-outlook-spring-2020.pdf?sfvrsn=83515413_2, https://www.conferenceboard.ca/focus-areas/canadian-economics/provincial-outlook/saskatchewan, https://www.desjardins.com/ressources/pdf/peft2004-e.pdf?resVer=1586352312000, https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/monthly-economic-monitor.pdf, https://www.bdc.ca/en/blog/pages/2020-economic-outlook-canada.aspx, https://economics.cibccm.com/economicsweb/cds?ID=10569&TYPE=EC_PDF, https://economics.td.com/provincial-economic-forecast, https://thoughtleadership.rbc.com/a-downturn-like-no-other/?utm_medium=referral&utm_source=economics&utm_campaign=macro+april, https://royal-bank-of-canada-2124.docs.contently.com/v/covid-19-recession-deepens-fast-from-coast-to-coast-report, https://www.conferenceboard.ca/temp/55120e1d-6b3c-46bc-8778-6c795ad87490/10648_ES_CO_EN_Spring2020.pdf, http://www.rbc.com/economics/economic-reports/pdf/provincial-forecasts/provtbl.pdf, https://economics.bmo.com/media/filer_public/ee/47/ee47dd61-56eb-4fd0-b452-10c7619e4a4e/provincialoutlook.pdf, Saskatoon economy less than half way recovered to pre-COVID-19 levels, Saskatoon CMA added 1,100 jobs in October. More broadly, the agricultural sector has also shown resilience during the pandemic. Overall, the debt watcher still sees the region's economy shrinking 2% in 2020 before expanding almost 7% next year. Now, more than ever, businesses need to think creatively to adapt to the social distancing economy. Saskatchewan NDP release plan to revive economy post-coronavirus. Premier, business community confident Saskatchewan economy will bounce back from coronavirus. “They didn’t want to be here today (Monday), because they don’t have a plan for tomorrow,” said Ryan Meili, Saskatchewan NDP leader. “Saskatchewan is fortunate to be in a strong financial position to make these kinds of important capital investments in every part of our province.”, READ MORE: It’s not there. By giving us a path to gradually return to some level of normality, the province has provided necessary guidance in an uncertain time. Canada's economic outlook for 2020 is improving slightly as a result of growth in the real estate market, residential investment and household consumption, although a number of factors that contributed to the 2019 slowdown remain. Table: Economic Growth Forecast for Saskatchewan, Table: Key Indicators of the Saskatchewan Economy. We are lucky to live in a province with the wide open spaces that give us room to practice physical distancing effectively. coast, U.S. election: Biden looks to unify U.S. after Electoral College confirmation, U.S. election: Joe Biden says Texas-led Supreme Court case ‘stunning’, What’s streaming: Top shows and movies in December, ‘Chapters’ under fire for turning away people without masks who have legitimate reasons, Regina economics professor weighs in on impact of Reopen Saskatchewan plan, Canada’s GDP growth was already flat in February, StatCan data shows, Saskatchewan NDP release plan to revive economy post-coronavirus.
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