Forecast Snapshot

See the latest forecasts for real GDP, policy rates, foreign exchange rates and commodities.

Forecasts as of July 23, 2021.

Real GDP

  2019 2020 2021(F) 2022(F)
  (annual % change)
Canada 1.9 -5.3 6.1 4.1
United States 2.2 -3.5 6.8 4.3
Mexico -0.2 -8.3 5.3 2.1
United Kingdom 1.4 -9.8 6.1 5.1
Eurozone 1.4 -6.6 4.4 4.0
China 6.0 2.3 8.7 5.9
Japan 0.0 -4.7 2.7 1.7
Colombia 3.3 -6.8 7.2 4.2
Peru 2.1 -11.1 9.9 2.6
Chile 1.0 -5.8 7.5 3.5

Policy Rates

  2019 2020 2021(F) 2022(F)
  (%, end of period)
Canada 1.75 0.25 0.25 0.75
United States 1.75 0.25 0.25 0.25
Mexico 7.25 4.25 5.25 6.00
United Kingdom 0.75 0.10 0.10 0.10
Eurozone 0.00 0.00 0.00 0.00
China 4.15 3.85 3.85 3.85
Japan -0.10 -0.10 -0.10 -0.10
Colombia 4.25 1.75 2.50 4.00
Peru 2.25 0.25 0.50 1.00
Chile 1.75 0.50 1.00 1.75

Foreign Exchange Rates

  2019 2020 2021(F) 2022(F)
  (%, end of period)
USDCAD 1.30 1.27 1.22 1.25
CADUSD 0.77 0.79 0.82 0.80
USDMXN 18.93 19.91 20.54 21.45
GBPUSD 1.33 1.37 1.38 1.42
EURUSD 1.12 1.22 1.18 1.15
USDCNY 6.96 6.53 6.40 6.20
USDJPY 109 103 107 110
USDCOP 3,287 3,428 3,525 3,450
USDPEN 3.31 3.62 3.65 3.60
USDCLP 753 711 720 700

Commodities

  2019 2020 2021(F) 2022(F)
  (annual average)
WTI 57 39 66 69
Brent 64 43 69 72
WCS - WTI Discount -14 -12 -13 -15
Nymex Natural Gas 2.53 2.02 3.21 3.10
Copper 2.73 2.80 4.15 4.25
Iron Ore 93 109 173 125
Gold 1,393 1,771 1,828 1,850

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