Forecast Snapshot

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

Forecasts as of September 9, 2021.

Real GDP

  2020 2021(F) 2022(F) 2023(F)
  (annual % change)
Canada -5.3 4.8 3.6 3.0
United States -3.4 6.3 4.7 1.9
Mexico -8.3 6.2 2.9 1.5
United Kingdom -9.8 5.3 4.3 2.5
Eurozone -6.5 4.3 3.9 2.1
China 2.3 8.7 5.9 5.5
Japan -4.7 2.7 1.7 1.1
Colombia -6.8 7.4 4.2 3.7
Peru -11.0 12.3 2.6 2.8
Chile -5.8 10.7 5.0 2.2

Policy Rates

  2020 2021(F) 2022(F) 2023(F)
  (%, end of period)
Canada 0.25 0.25 0.75 2.00
United States 0.25 0.25 0.25 1.25
Mexico 4.25 5.25 6.00 6.00
United Kingdom 0.10 0.10 0.20 0.40
Eurozone 0.00 0.00 0.00 0.00
China 3.85 3.85 3.85 3.85
Japan -0.10 -0.10 -0.10 -0.10
Colombia 1.75 2.50 4.00 4.75
Peru 0.25 1.25 2.50 2.50
Chile 0.50 2.50 4.00 3.50

Foreign Exchange Rates

  2020 2021(F) 2022(F) 2023(F)
  (%, end of period)
USDCAD 1.27 1.22 1.25 1.23
CADUSD 0.79 0.82 0.80 0.81
USDMXN 19.91 20.54 21.45 21.78
GBPUSD 1.37 1.38 1.42 1.45
EURUSD 1.22 1.18 1.15 1.18
USDCNY 6.53 6.40 6.20 6.40
USDJPY 103 107 110 110
USDCOP 3,428 3,525 3,450 3,400
USDPEN 3.62 4.15 4.25 4.25
USDCLP 711 720 700 680

Commodities

  2020 2021(F) 2022(F) 2023(F)
  (annual average)
WTI 39 66 69 71
Brent 43 69 72 75
WCS - WTI Discount -12 -13 -15 -15
Nymex Natural Gas 2.02 3.21 3.10 2.75
Copper 2.80 4.15 4.25 4.25
Iron Ore 109 173 125 100
Gold 1,771 1,828 1,850 1,700

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