One of the country’s leading economic forecasters foresees better times ahead for the Manitoba economy.
In its latest quarterly forecast released today, the Conference Board of Canada predicts the Manitoba economy will grow by two per cent next year and by a robust 2.9 per cent in 2015.
That’s up from this year’s anticipated GDP growth rate of 1.7 per cent, the board added.
"After tepid growth in 2013, Manitoba’s economic prospects are improving," the Ottawa-based think-tank said in its Provincial Outlook report.
"The goods and service industries will both perform well over the next two years.
Employment growth is expected to pick up and household disposable income will advance strongly— to the benefit of the province’s retailers."
While the board expects Manitoba’s economic output to improve next year, it predicts it will still be the fourth weakest performer among the 10 provinces. Alberta is expected to lead the charge, with a forecasted growth rate of 3.4 per cent, it said, while the Canadian economy is expected to expand by 2.3 per cent.
However, the board predicts 2015 will be a much different story. It said Manitoba’s anticipated growth of 2.9 per cent should be second only to British Columbia’s 3.1 per cent.
It said the Canadian economy is also expected to continue gaining in strength in 2015, with an anticipated GDP growth rate of 2.6 per cent.