Fitch: US, Canadian GDPs to grow above trend in 2022

Fitch: US, Canadian GDPs to grow above trend in 2022
# 14 December 2021 18:24 (UTC +04:00)

Fitch Ratings estimated on Tuesday that the United States and Canadian economies would expand "above trend" next year, as the labor markets rebound from the coronavirus pandemic, APA reports citing Teletrader.

"Fiscal and monetary policies will tighten in 2022. Overall fiscal policy will be contractionary as pandemic relief spending is withdrawn, although 2022 deficits will exceed pre-pandemic levels in Canada and the US," Fitch noted, adding that the Biden administration's Build Back Better plan will have a medium impact on public finances.

Concluding its report, Fitch said that the Federal Reserve would continue withdrawing "extraordinary" monetary policy support, while tapering of asset purchases should end in mid-2022, after which rate hikes can be expected.

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