Forecast Snapshot

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

Forecasts as of November 3, 2023 for Latin America and October 23, 2023 for all other countries.

Real GDP

  2022(E) 2023(F) 2024(F) 2025(F)
  (annual % change)
Canada 3.5 1.2 0.7 2.2
United States 1.9 2.2 0.8 1.3
Mexico 3.9 3.5 3.1 1.6
United Kingdom 4.3 0.5 0.6 1.2
Eurozone 3.5 0.4 0.6 1.5
China 3.0 5.0 4.5 4.5
Japan 1.1 1.8 1.0 1.0
Colombia 7.3 1.8 2.6 3.0
Peru 2.7 -0.2 2.3 2.0
Chile 2.4 -0.5 2.3 2.5

Policy Rates

  2022 2023(F) 2024(F) 2025(F)
  (%, end of period)
Canada 4.25 5.00 4.00 3.25
United States 4.50 5.50 4.00 3.25
Mexico 10.50 11.25 9.50 7.50
United Kingdom 3.50 5.25 5.25 3.25
Eurozone 2.50 4.50 3.75 2.75
China 2.75 2.50 2.38 2.40
Japan -0.10 -0.10 0.00 0.05
Colombia 12.00 12.75 6.75 5.50
Peru 7.50 6.75 5.00 4.50
Chile 11.25 8.50 4.25
4.25

Foreign Exchange Rates

  2022 2023(F)
2024(F) 2025(F)
  (end of period)
USDCAD 1.36 1.35 1.28 1.25
CADUSD 0.74 0.74 0.78 0.80
USDMXN 19.50 17.90 18.40 19.46
GBPUSD 1.21 1.20 1.30 1.30
EURUSD 1.07 1.05 1.12 1.18
USDCNY 6.90 7.25 6.95 6.77
USDJPY 131 150 140 130
USDCOP 4,853 4,250 4,316 4,350
USDPEN 3.81 3.78 3.75 3.75
USDCLP 851 870 870
850

Commodities

  2022 2023(F) 2024(F) 2025(F)
  (annual average)
WTI 95 80 81 81
Brent 101 85 85 85
WCS - WTI Discount -21 -18 -17 -17
Nymex Natural Gas 6.61 2.78 3.50 3.75
Copper 4.00 3.85 4.00 4.50
Iron Ore 121 112 90 90
Gold 1,803 1,900 1,900 1,700

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