Business
GDP growth at a standstill in Canada, oil and gas sector one major bright spot – Conference Board of Canada

Article submitted by the Conference Board of Canada
Muted Outlook for Canadian Economy
Consumer Spending Holding Strong Despite Confidence Being Weak
Despite the progress that has been made, inflation is still weighing down Canada’s economy according to new research from The Conference Board of Canada. In keeping with its previous forecast, real GDP growth will be at a virtual standstill for the rest 2023. For the year as a whole that means a 0.9 per cent gain, followed by only a modest 1.4 per cent improvement in 2024.
“Concerns about the U.S. financial system are unlikely to be mirrored in Canada given our country’s more concentrated banking system,” stated Ted Mallett, Director, Economic Forecasting at The Conference Board of Canada. “The indirect effects will be muted, and business investment was already expected to be weak in Canada so there is relatively little business lending to pull back.”
The global economy has slowed sharply over the past year as major central banks have increased interest rates, but despite the weak near-term growth anticipation, the chances of a severe global recession have receded. Inflation remains a threat, but two key developments provide reason for optimism. The first is the mild winter in Europe eased concerns of an energy crunch, with natural gas prices now lower than before the Russian invasion of Ukraine. The second is China’s removal of the zero-COVID policy, which saw their economy open at a much faster pace than anticipated.
The U.S. economy continues to defy expectations, with an expansion of 2.7 per cent in the final quarter of last year. Several factors should ensure that the coming slowdown in economic growth won’t be as severe as past slumps in economic activity. The major reason behind this view is the excess savings that households in America built up during the pandemic when the opportunity to spend was severely limited.
A slower U.S. economy will weigh on Canada’s trade results in the coming months, but the exports sector will still see a good showing in 2023, according to The Conference Board of Canada. Supply chain disturbances, which significantly restrained activity for many export sectors last year, have shown signs of easing over the past several months. A weak domestic economy, the depreciation of the loonie, and a steep decline in machinery and equipment investment will lead to muted activity for total real imports this year.
The oil and gas sector is a major bright spot in Canada thanks to strong corporate profits and ongoing projects in Western Canada and Newfoundland and Labrador.
Canada’s labour market has seen an impressive start to 2023, according to The Conference Board of Canada, which is being fuelled by an uptick in population growth. International migration to Canada has risen sharply in recent quarters, driven by record immigration targets and increased admissions of non-permanent residents, including temporary foreign workers.
Higher mortgage rates have slowed residential demand and unsurprisingly, the resale market has corrected with sales and prices decreasing. This downturn will frustrate some homeowners who bought at peak prices, while higher interest rates could severely impact some homeowners forced to renew mortgages at higher interest rates.
“While much of the COVID-19 support spending is now in the rear-view mirror, governments continue to have a heightened presence in the economy,” continued Mallett. “The pandemic brought about a new era of challenges to public finances, which were hardly looking rosy heading into the pandemic. The most notable question mark in today’s fiscal climate is how well governments can cope with new economic shocks.”
2025 Federal Election
As PM Poilievre would cancel summer holidays for MP’s so Ottawa can finally get back to work

From Conservative Party Communications
In the first 100 days, a new Conservative government will pass 3 laws:
1. Affordability For a Change Act—cutting spending, income tax, sales tax off homes
2. Safety For a Change Act to lock up criminals
3. Bring Home Jobs Act—that repeals C-69, sets up 6 month permit turnarounds for new projects
No summer holiday til they pass!
Conservative Leader Pierre Poilievre announced today that as Prime Minister he will cancel the summer holiday for Ottawa politicians and introduce three pieces of legislation to make life affordable, stop crime, and unleash our economy to bring back powerful paycheques. Because change can’t wait.
A new Conservative government will kickstart the plan to undo the damage of the Lost Liberal Decade and restore the promise of Canada with a comprehensive legislative agenda to reverse the worst Trudeau laws and cut the cost of living, crack down on crime, and unleash the Canadian economy with ‘100 Days of Change.’ Parliament will not rise until all three bills are law and Canadians get the change they voted for.
“After three Liberal terms, Canadians want change now,” said Poilievre. “My plan for ‘100 Days of Change’ will deliver that change. A new Conservative government will immediately get to work, and we will not stop until we have delivered lower costs, safer streets, and bigger paycheques.”
The ’100 Days of Change’ will include three pieces of legislation:
The Affordability–For a Change Act
Will lower food prices, build more homes, and bring back affordability for Canadians by:
- Cutting income taxes by 15%. The average worker will keep an extra $900 each year, while dual-income families will keep $1,800 more annually.
- Axing the federal sales tax on new homes up to $1.3 million. Combined with a plan to incentivize cities to lower development charges, this will save homebuyers $100,000 on new homes.
- Axing the federal sales tax on new Canadian cars to protect auto workers’ jobs and save Canadians money, and challenge provinces to do the same.
- Axing the carbon tax in full. Repeal the entire carbon tax law, including the federal industrial carbon tax backstop, to restore our industrial base and take back control of our economy from the Americans.
- Scrapping Liberal fuel regulations and electricity taxes to lower the cost of heating, gas, and fuel.
- Letting working seniors earn up to $34,000 tax-free.
- Axing the escalator tax on alcohol and reset the excise duty rates to those in effect before the escalator was passed.
- Scrapping the plastics ban and ending the planned food packaging tax on fresh produce that will drive up grocery costs by up to 30%.
We will also:
- Identify 15% of federal buildings and lands to sell for housing in Canadian cities.
The Safe Streets–For a Change Act
Will end the Liberal violent crime wave by:
- Repealing all the Liberal laws that caused the violent crime wave, including catch-and-release Bill C-75, which lets rampant criminals go free within hours of their arrest.
- Introducing a “three strikes, you’re out” rule. After three serious offences, offenders will face mandatory minimum 10-year prison sentences with no bail, parole, house arrest, or probation.
- Imposing life sentences for fentanyl trafficking, illegal gun trafficking, and human trafficking. For too long, radical Liberals have let crime spiral out of control—Canada will no longer be a haven for criminals.
- Stopping auto theft, extortion, fraud, and arson with new minimum penalties, no house arrest, and a new more serious offence for organized theft.
- Give police the power to end tent cities.
- Bringing in tougher penalties and a new law to crack down on Intimate Partner Violence.
- Restoring consecutive sentences for multiple murderers, so the worst mass murderers are never let back on our streets.
The Bring Home Jobs–For a Change Act
This Act will be rocket fuel for our economy. We will unleash Canada’s vast resource wealth, bring back investment, and create powerful paycheques for workers so we can stand on our own feet and stand up to Trump from a position of strength, by:
- Repealing the Liberal ‘No Development Law’, C-69 and Bill C-48, lifting the cap on Canadian energy to get major projects built, unlock our resources, and start selling Canadian energy to the world again.
- Bringing in the Canada First Reinvestment Tax Cut to reward Canadians who reinvest their earnings back into our country, unlocking billions for home building, manufacturing, and tools, training and technology to boost productivity for Canadian workers.
- Creating a One-Stop-Shop to safely and rapidly approve resource projects, with one simple application and one environmental review within one year.
Poilievre will also:
- Call President Trump to end the damaging and unjustified tariffs and accelerate negotiations to replace CUSMA with a new deal on trade and security. We need certainty—not chaos, but Conservatives will never compromise on our sovereignty and security.
- Get Phase 2 of LNG Canada built to double the project’s natural gas production.
- Accelerate at least nine other projects currently snarled in Liberal red tape to get workers working and Canada building again.
“After the Lost Liberal Decade of rising costs and crime and a falling economy under America’s thumb, we cannot afford a fourth Liberal term,” said Poilievre. “We need real change, and that is what Conservatives will bring in the first 100 days of a new government. A new Conservative government will get to work on Day 1 and we won’t stop until we have delivered the change we promised, the change Canadians deserve, the change Canadians voted for.”
Automotive
Canadians’ Interest in Buying an EV Falls for Third Year in a Row

From Energy Now
Electric vehicle prices fell 7.8 per cent in the last quarter of 2024 year-over-year, according to the AutoTader price index
Fewer Canadians are considering buying an electric vehicle, marking the third year in a row interest has dropped despite lower EV prices, a survey from AutoTrader shows.
Forty-two per cent of survey respondents say they’re considering an EV as their next vehicle, down from 46 per cent last year. In 2022, 68 per cent said they would consider buying an EV.
Meanwhile, 29 per cent of respondents say they would exclusively consider buying an EV — a significant drop from 40 per cent last year.
The report, which surveyed 1,801 people on the AutoTrader website, shows drivers are concerned about reduced government incentives, a lack of infrastructure and long-term costs despite falling prices.
Electric vehicle prices fell 7.8 per cent in the last quarter of 2024 year-over-year, according to the AutoTader price index.
The survey, conducted between Feb. 13 and March 12, shows 68 per cent of non-EV owners say government incentives could influence their decision, while a little over half say incentives increase their confidence in buying an EV.
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