Forecast Snapshot

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

Forecasts as of March 10, 2021. 

Real GDP

  2019 2020(F) 2021(F) 2022(F)
  (annual % change)
Canada 1.9 -5.4 6.2 4.0
United States 2.2 -3.5 6.3 4.4
Mexico 0.0 -8.3 4.9 2.1
United Kingdom 1.4 -9.9 5.1 4.2
Eurozone 1.3 -6.8 4.2 3.9
China 6.0 2.3 8.3 5.9
Japan 0.3 -4.9 3.0 1.1
Colombia 3.3 -6.8 5.0 4.0
Peru 2.2 -11.1 8.7 4.0
Chile 1.1 -6.0 6.0 3.5

Policy Rates

  2019 2020(F) 2021(F) 2022(F)
  (%, end of period)
Canada 1.75 0.25 0.25 0.50
United States 1.75 0.25 0.25 0.25
Mexico 7.25 4.25 3.75 5.00
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 2.50 4.00
Peru 2.25 0.25 0.25 0.50
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 1.27 1.23 1.25
CADUSD 0.77 0.79 0.81 0.80
USDMXN 18.93 19.91 21.62 22.87
GBPUSD 1.33 1.37 1.48 1.50
EURUSD 1.12 1.22 1.26 1.24
USDCNY 6.96 6.53 6.40 6.60
USDJPY 109 103 100 104
USDCOP 3,287 3,428 3,450 3,400
USDPEN 3.31 3.62 3.55 3.50
USDCLP 753 711 720 700

Commodities

  2019 2020(F) 2021(F) 2022(F)
  (annual average)
WTI 57 39 61 65
Brent 64 43 64 68
WCS - WTI Discount -14 -12 -14 -15
Nymex Natural Gas 2.53 2.02 2.80 2.65
Copper 2.73 2.80 3.40 3.50
Iron Ore 93 109 115 85
Gold 1,393 1,771 1,850 1,850

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