Forecast Snapshot

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

Forecasts as of February 6, 2023.

Real GDP

  2021 2022(E) 2023(F) 2024(F)
  (annual % change)
Canada 5.0 3.6 1.1 1.6
United States 5.9 2.1 1.2 1.1
Mexico 4.8 2.8 0.8 1.9
United Kingdom 7.6 4.1 -0.5 1.1
Eurozone 5.6 3.5 0.1 1.2
China 8.4 3.0 5.1 5.0
Japan 2.3 1.3 1.3 1.0
Colombia 11.0 8.1 1.5 2.5
Peru 13.6 2.6 2.1 2.4
Chile 12.0 2.7 -1.7 2.8

Policy Rates

  2021 2022 2023(F) 2024(F)
  (%, end of period)
Canada 0.25 4.25 4.25 3.00
United States 0.25 4.50 5.25 3.50
Mexico 5.50 10.50 10.50 8.00
United Kingdom 0.25 3.50 4.25 3.25
Eurozone 0.00 2.50 4.00 3.25
China 3.80 3.65 4.35 4.35
Japan -0.10 -0.10 -0.10 -0.10
Colombia 3.00 12.00 12.00 5.50
Peru 2.50 7.50 7.25 5.75
Chile 4.00 11.25 4.50
3.75

Foreign Exchange Rates

  2021 2022
2023(F) 2024(F)
  (end of period)
USDCAD 1.26 1.36 1.30 1.25
CADUSD 0.79 0.74 0.77 0.80
USDMXN 20.53 19.50 19.43 19.89
GBPUSD 1.35 1.21 1.25 1.28
EURUSD 1.14 1.07 1.10 1.12
USDCNY 6.36 6.90 6.65 6.65
USDJPY 115 131 130 125
USDCOP 4,080 4,853 4,805 4,941
USDPEN 4.00 3.81 3.85 3.85
USDCLP 852 851 825
750

Commodities

  2021 2022 2023(F) 2024(F)
  (annual average)
WTI 68 94 85 76
Brent 70 99 90 80
WCS - WTI Discount -13 -19 -21 -18
Nymex Natural Gas 3.84 6.51 4.00 4.00
Copper 4.23 4.01 3.65 4.00
Iron Ore 160 122 100 90
Gold 1,799 1,803 1,750 1,750

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