Forecast Snapshot

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

Forecasts as of March 18, 2024.

Real GDP

  2022 2023(E) 2024(F) 2025(F)
  (annual % change)
Canada 3.8 1.1 1.0 1.8
United States 1.9 2.5 2.3 1.4
Mexico 3.9 3.2 3.1 1.6
United Kingdom 4.3 0.1 0.1 1.3
Eurozone 3.4 0.5 0.4 1.3
China 3.0 5.2 4.6 4.3
Japan 1.0 1.9 0.7 1.1
Colombia 7.3 0.6 1.4 2.2
Peru 2.7 -0.6 2.7 2.5
Chile 2.1 0.2 2.0 2.5

Policy Rates

  2022 2023 2024(F) 2025(F)
  (%, end of period)
Canada 4.25 5.00 4.25 3.00
United States 4.50 5.50 4.50 3.00
Mexico 10.50 11.25 9.50 7.50
United Kingdom 3.50 5.25 4.00 3.00
Eurozone 2.50 4.50 3.15 2.15
China 2.75 2.50 2.30 2.30
Japan -0.10 -0.10 0.00 0.10
Colombia 12.00 13.00 7.00 5.50
Peru 7.50 6.75 4.25 4.00
Chile 11.25 8.25 4.25
4.25

Foreign Exchange Rates

  2022 2023
2024(F) 2025(F)
  (end of period)
USDCAD 1.36 1.32 1.28 1.25
CADUSD 0.74 0.76 0.78 0.80
USDMXN 19.50 16.97 18.40 19.50
GBPUSD 1.21 1.27 1.30 1.35
EURUSD 1.07 1.10 1.12 1.18
USDCNY 6.90 7.10 7.04 6.80
USDJPY 131 141 140 130
USDCOP 4,853 3,855 4,116 4,150
USDPEN 3.81 3.70 3.75 3.75
USDCLP 851 879 870
870

Commodities

  2022 2023 2024(F) 2025(F)
  (annual average)
WTI 95 78 76 75
Brent 101 83 81 80
WCS - WTI Discount -21 -19 -17 -15
Nymex Natural Gas 6.61 2.73 2.75 3.75
Copper 4.00 3.85 4.00 4.50
Iron Ore 121 120 110 90
Gold 1,803 1,943 1,900 1,950

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