Scotiabank Pacific Alliance Expansion
Economic Outlook in Core Markets
Real GDP Growth Forecast (2021-2022)
Real GDP (Annual % Change)
Forecast 1,2
Country
2010-19
Average
2020
2021
2022
Q1E
Q2F
Q3F
Q4F
Year
Q1F
Q2F
Q3F Q4F
Year
Canada
2.2
-5.4
0.2
14.0
6.8
5.6
6.4
5.0
5.0
3.5
3.1
4.1
U.S.
2.3
-3.5
0.3
12.3
7.0
7.5
6.6
6.8
5.3
3.3
2.1
4.3
Mexico
2.7
-8.2
-3.8
15.9
4.7
2.9
4.9
2.7
3.3
1.4
1.2
2.2
Peru
4.5
-11.1
3.2
30.1
5.3
2.2
8.7
1.4
5.9
5.0
3.7
4.0
Chile
3.3
-5.8
0.3
17.1
10.8
4.0
7.5
3.8
3.2
3.1
4.0
3.5
Colombia
3.7
-6.8
1.1
12.1
5.7
1.1
5.0
4.2
3.9
3.8
4.2
4.0
PAC Average³
3.6
-8.0
0.2
18.8
6.6
2.6
6.5
3.0
44
4.1
3.3
3.3
3.4
Source: Scotiabank Economics
1 Forecasts for Canada and U.S. as of the April 22, 2021 - Scotiabank Global Forecast Tables
2 Forecasts for PAC countries as of the May 21, 2021 - Scotiabank Latam Weekly
3 Simple average
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