Canada’s competitive tax programmes have helped to elevate its ranking to tie with Mexico in third place among global recipients of foreign direct investment (FDI). These FDI inflows were led by the USA and Brazil, respectively. With many eyes on electrification and production of its various associated components, Canada is expected to lead the G7 economies in terms of GDP growth for 2024.
Although Canada’s road to recovery from the pandemic has been bumpy like for many other nations, it retains the title as the leader with the lowest deficit and a net debt-to-GDP ratio of near zero. Bordering recession owing to a tight monetary policy, the outlook remains positive for next year - with Canada expecting inflation to normalize at 2% by 2025.
All in all, the fundamentals are strong and demand for metals can be expected to rise steadily in the near term.