The Canadian economy is expected to be the least affected by the increasing turmoil in Ukraine. This is based on a analysis of projections from the Organisation for Economic Cooperation and Development (OECD). A
In comparison, most other major developed nations are projected to suffer significantly lower economic growth as a result of escalating tensions between Russia and Ukraine. For example, Germany’s growth rate is expected to drop by 0.2%, while France’s could fall as low as 0.7%. The United States and Britain are also likely to be hit hard with respective decreases of 0.3 and 0.4 percent in their respective GDP growth rates this year.
This graph provides an overview of how each country’s economy could be impacted by rising geopolitical risk in the coming months. Canada stands out among the rest due to its relatively robust economic performance during times of global strife; its estimated real GDP growth rate of 2.6% is higher than that for any other OECD member state shown on the graph .
Overall, this chart indicates that Canada is well-placed to ride out any rough seas caused by tension between Russia and Ukraine over the next year or so. This strong projection has been partially attributed to Canada’s diverse export markets which have allowed them not only weather similar economic storms but grow despite them in recent years; earning them an enviable rating amongst OECD nations when it comes to forecasted growth rates.