By Andrew Joseph, Farms.com
According to a Bank of Nova Scotia report compiled by senior economist Mark Desormeaux, the province of Quebec is poised in 2022 to see high levels of economic growth to lead all of Canada.
Citing a diverse economy, low (relative to the rest of Canada) real estate prices—including farmland—as well as light COVID-19 pandemic lockdowns, Quebec is headed for record growth in real GDP of 6.8 percent—well up from the 4.9 percent expected.
And, he sees little cause for the result to slow down in 2022.
A previously unseen trend is large migration of population from Ontario to Quebec—reaching its highest ever level in Q2 2021.
The Bank of Nova Scotia report suggests that affordable real estate is behind the migration, as well as teleworking.
Another factor working in Quebec’s favour for continued economic growth in 2022 is its ability to avoid the negative affects of decarbonization.
Quebec has for the past 10 years or more, already created an economy that fosters growth by both lowering GHG (greenhouse gas) emissions as well as birthing technologies that help industries lower theirs.
Although Quebec continues to be the biggest beneficiary of the Canadian equalization program, continued growth of its economy may soon absolve it of that need.