Forecast Snapshot

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

Forecasts as of October 14, 2020.

Real GDP

  2019 2020(F) 2021(F) 2022(F)
  (annual % change)
Canada 1.7 -5.7 4.1 3.1
United States 2.2 -3.9 4.0 3.1
Mexico -0.3 -9.1 3.0 1.8
United Kingdom 1.3 -9.7 5.9 2.7
Eurozone 1.3 -8.3 5.3 2.5
China 6.1 2.1 8.5 6.0
Japan 0.7 -4.9 2.7 1.0
Colombia 3.2 -7.5 5.0 4.0
Peru 2.2 -11.5 8.7 4.0
Chile 1.1 -5.2 5.1 3.0

Policy Rates

  2019 2020(F) 2021(F) 2022(F)
  (%, end of period)
Canada 1.75 0.25 0.25 0.25
United States 1.75 0.25 0.25 0.25
Mexico 7.25 4.25 4.25 5.50
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 2.75 4.00
Peru 2.25 0.25 0.50 1.00
Chile 1.75 0.50 0.50 1.50

Foreign Exchange Rates

  2019 2020(F) 2021(F) 2022(F)
  (%, end of period)
USDCAD 1.30 1.32 1.28 1.25
CADUSD 0.77 0.76 0.78 0.80
USDMXN 18.93 23.84 24.49 23.88
GBPUSD 1.33 1.29 1.33 1.40
EURUSD 1.12 1.18 1.21 1.24
USDCNY 6.96 6.70 6.50 6.30
USDJPY 109 105 102 100
USDCOP 3,287 3,654 3,450 3,400
USDPEN 3.31 3.60 3.55 3.50
USDCLP 753 770 720 710

Commodities

  2019 2020(F) 2021(F) 2022(F)
  (annual average)
WTI 57 39 48 52
Brent 64 43 50 55
WCS - WTI Discount -14 -12 -15 -15
Nymex Natural Gas 2.53 2.12 2.70 2.55
Copper 2.73 2.74 3.00 3.10
Iron Ore 93 100 85 75
Gold 1,393 1,775 1,850 1,850

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