TEC Canada is pleased to provide the Andersen Monthly Economic Report exclusively to our members to offer professional updates on the current economic environment in Canada, the USA, and globally. As the former assistant chief of the Bank of Canada’s research department, Dr. Peter Andersen provides valuable economic insight to help you make better business decisions.
March 2025 PREVIEW:
Canada |Â Strong End to 2024 |Â Tariff Uncertainty in 2025 |Â Potential GDP Growth
Canada’s economy ended 2024 with strong growth, driven by broad sector strength and surging consumer spending. However, tariff uncertainty has shaken confidence, and GDP growth is expected to slow in early 2025. A prolonged U.S. trade dispute could trigger further real GDP declines and contribute to growing economic instability.
United States |Â Escalating Trade War |Â Resilient Job Market |Â Consumer-Driven Growth
The U.S. trade war escalated with continued tariffs, but their economy remains driven by strong consumer spending and a resilient job market. Steady payroll growth in the U.S. keeps unemployment low, supporting business confidence and rising disposable income. Consumer-driven growth, including higher vehicle sales, is expected to continue in 2025.
International |Â Heightened Geopolitical Risks |Â Rising Trade Tensions |Â Market Shifts
The Trump-Zelenskyy meeting heightened geopolitical risks, straining U.S.-Ukraine relations and complicating global trade negotiations. The threat of U.S. tariffs on the EU and potential retaliation worsens the economic outlook, pressuring commodity prices. Gold has surged as the USD weakens, while oil prices have declined amid potential Russian sanction relief and OPEC+ production increases.
Excited to dive into the full March 2025 Andersen Economic Report? As a valued member of TEC Canada, you can access the complete report under the ‘Resources’ section of the TEC Canada App!
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