Forecast Snapshot

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

Forecasts as of January 7, 2022 for Latin America and December 9, 2021 for all other countries.

Real GDP

  2020 2021(F) 2022(F) 2023(F)
  (annual % change)
Canada -5.2 4.5 4.2 3.5
United States -3.4 5.6 4.2 3.2
Mexico -8.2 5.7 2.8 2.0
United Kingdom -9.7 6.6 4.7 2.2
Eurozone -6.5 5.0 4.0 2.3
China 2.3 8.2 5.1 5.3
Japan -4.7 2.1 2.5 1.3
Colombia -6.8 9.6 4.5 3.7
Peru -11.1 13.3 2.6 2.8
Chile -5.8 12.0 3.5 2.0

Policy Rates

  2020 2021(F) 2022(F) 2023(F)
  (%, end of period)
Canada 0.25 0.25 1.25 2.25
United States 0.25 0.25 1.25 1.50
Mexico 4.25 5.50 6.25 5.25
United Kingdom 0.10 0.10 0.75 1.00
Eurozone 0.00 0.00 0.00 0.00
China 3.85 3.85 3.85 3.85
Japan -0.10 -0.10 -0.10 -0.10
Colombia 1.75 3.00 5.00 5.00
Peru 0.25 2.50 4.00 4.00
Chile 0.50 4.00 6.00 3.50

Foreign Exchange Rates

  2020 2021(F) 2022(F) 2023(F)
  (%, end of period)
USDCAD 1.27 1.25 1.20 1.23
CADUSD 0.79 0.80 0.83 0.81
USDMXN 19.91 20.53 22.34 23.86
GBPUSD 1.37 1.32 1.38 1.40
EURUSD 1.22 1.13 1.08 1.10
USDCNY 6.53 6.40 6.30 6.10
USDJPY 103 113 118 120
USDCOP 3,428 4,065 3,755 3,600
USDPEN 3.62 4.00 4.25 4.25
USDCLP 711 852 700
680

Commodities

  2020 2021(F) 2022(F) 2023(F)
  (annual average)
WTI 39 67 69 72
Brent 43 69 72 75
WCS - WTI Discount -12 -13 -15 -16
Nymex Natural Gas 2.02 3.76 4.70 3.28
Copper 2.80 4.15 4.25 4.25
Iron Ore 109 160 110 90
Gold 1,771 1,799 1,850 1,700

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