In this edition of 5 Minutes for Business, Hendrik Brakel, Senior Director, Economic, Financial and Tax Policy for the Canadian Chamber of Commerce, provides his economic outlook for 2015. He predicts an exciting year for Canadian business spurred by the rebound of the U.S. economy.
Big changes are coming to the global economy. Canada performed well last year, but there are vulnerabilities just over the horizon, from highly indebted consumers to worries about our housing market and now weaker oil prices. But, there are also big opportunities as the U.S. economy is accelerating into a booming recovery while the weak loonie is boosting our exports.
Around the world, emerging markets, which used to be the engines of global growth, have slowed. The big question for 2015 is whether the U.S. economic resurgence can pull other markets along with it, like a huge locomotive dragging the global economy forward. We think it can, and that’s why we’re optimistic that global growth can accelerate to 4.1% in 2015 from 3.3% in 2014. The second big question for 2015: Is Canada ready?