In our summer Global Economic Outlook (GEO) report, EDC Economics expects the global economy to see modest growth of 3.1% in 2024, as key central banks begin their policy rate descent.

This was our last podcast episode of the Trade Matters series. To continue reading the biweekly column, check out our website - EDC Economics: Connecting Canada to the world | EDC

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Canadian direct investment abroad (CDIA) and the rise of Canada’s foreign affiliates creates stable and long-lasting links between economies, strengthening international economic integration and providing access to global markets, allowing companies to grow their international presence and business.

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Did you know that our second-largest partner is the European Union? While still under provisional application, Canadian businesses have enjoyed preferential access to this affluent market since September 2017, thanks to the Canada-European Union Comprehensive Economic and Trade Agreement (CETA).

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EDC’s biannual Trade Confidence Index (TCI) survey improved to 70.1 index points this spring—continuing the volatile trend of the last four years. Despite the seemingly endless challenges facing the world and global trade, prospects of a resurgence in economic activity buoyed Canadian exporter sentiment since our last survey, released in December 2023.

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The world economy is expected to continue showing remarkable resilience, notwithstanding myriad risks challenging businesses today. What’s more, elevated levels of uncertainty are keeping competition on the sidelines, making it easier for those who do their due diligence and pay attention to their scenario analyses to find value.

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In our latest Global Economic Outlook, we forecast a smooth but uninspiring ride through this year, with the global economy expected to grow by just 2.9%, with more optimism for next year, as lower interest rates and the normalization of activity help leave the post-pandemic economy behind.

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While the energy transition isn’t a linear process, Canadian oil producers need to make the investments necessary to help lower costs, add value, improve carbon productivity and leverage existing processes to build a bridge toward it.

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The unprecedented number of elections this year comes amid heightened geopolitical uncertainty. Canadian exporters should keep a close watch on the policy environment.

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