Atlantic economic recovery to continue, but at a slower pace in 2022
Labour shortages, higher prices and supply chain shortages may constrain the recovery
Atlantic Canada’s GDP will grow by 2.2% in 2022. The Maritime provinces are recovering strongly following smaller economic contractions due to COVID-19. However, travel-related industries face a multi-year recovery in demand.
APEC expects Nova Scotia will lead regional economic growth in 2022 with a 3.5% gain. Newfoundland and Labrador will trail the recovery due to weaker oil activity and production.
The pace of the recovery in 2022 could be constrained by several factors including further outbreaks of COVID-19, labour shortages, rising prices and supply chain shortages.