Canadians have bought exercise bikes, office furniture and electronics to help cope with living, working and playing at home. This has put upward pressure on goods prices. Supply problems have substantially exacerbated the situation. Just as consumers were spending more on goods, the supply of these goods was squeezed as health concerns hit far-flung factories and ports became congested.
Already this year, the economy will return to growth, which will accelerate in the coming years on the back of a decrease in security risks assumed by the forecast In view of the rapid recovery in the energy system and the loose fiscal policy, the NBU improved its economic growth forecast for 2023, from 0.3% to 2.0%.