Forecast Snapshot

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

Forecasts as of April 25, 2025 for Latin America and April 16, 2025 for all other countries.

Real GDP

  2023(E) 2024(F) 2025(F) 2026(F)
  (annual % change)
Canada 1.5 1.5 1.6 0.7
United States 2.9 2.8 0.9 0.6
Mexico 3.3 1.5 -0.5 0.6
United Kingdom 0.4 1.1 0.5 1.2
Eurozone 0.6 0.8 0.5 1.0
China 5.2 5.0 3.5 5.0
Japan 1.5 0.1 0.6 0.8
Colombia 0.7 1.7 2.6 2.9
Peru -0.4 3.3 3.3 2.7
Chile 0.5 2.6 2.5 2.5

Policy Rates

  2023 2024(F) 2025(F) 2026(F)
  (%, end of period)
Canada 5.00 3.25 2.75 2.00
United States 5.50 4.50 4.50 3.50
Mexico 11.25 10.00 8.00 7.00
United Kingdom 5.25 4.75 3.75 2.75
Eurozone 4.50 3.15 1.90 1.90
China 2.50 2.00 1.75 1.60
Japan -0.10 0.25 0.75 1.00
Colombia 13.00 9.50 8.00 6.75
Peru 6.75 5.00 4.50 4.50
Chile 8.25 5.00 4.50
4.25

Foreign Exchange Rates

  2023 2024(F)
2025(F) 2026(F)
  (end of period)
USDCAD 1.32 1.44 1.38 1.34
CADUSD 0.76 0.70 0.72 0.75
USDMXN 16.97 20.83 21.30 21.50
GBPUSD 1.27 1.25 1.33 1.40
EURUSD 1.10 1.04 1.14 1.20
USDCNY 7.10 7.30 7.34 7.23
USDJPY 141 157 135 125
USDCOP 3,855 4,406 4,367 4,364
USDPEN 3.70 3.74 3.78 3.75
USDCLP 879 995 890
870

Commodities

  2023 2024(F) 2025(F) 2026(F)
  (annual average)
WTI 78 76 63 64
Brent 83 81 68 69
WCS - WTI Discount -19 -15 -12 -12
Nymex Natural Gas 2.73 2.27 4.11 4.63
Copper 3.85 4.15 4.00 4.50
Iron Ore 120 110 96 90
Gold 1,943 2,386 3,000 2,800

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