Blog – What is next for the Global GDP – August 2023 The global economy is showing signs of improvement but remains fragile. Global GDP growth in 2023 is projected at 2.6%, the lowest annual rate since the global financial crisis, with the exception of the 2020 pandemic period. A modest improvement to 2.9% is foreseen for 2024. There has been some respite: lower energy prices are helping to bring down headline inflation, and the earlier-than-expected reopening of China has provided a boost to global activity. However, the impact of higher interest rates is increasingly being felt across the economy. High inflation and slow wage growth pushed real wages down in 2022, but these are projected to stop declining in most OECD countries over the course of 2023. With these falls in real wages and a still tight labour market, nominal wage growth is projected to be just over 4% in the overall OECD area in 2023, before moderating to around 3.5% in 2024. https://www.oecd.org/coronavirus/en/themes/global-economy Additional sources and links: Oil Production - https://globalnews.ca/news/9932960/oil-and-gas-sector-says-new-data-shows-it-can-both-hike-output-and-lower-emissions/ or https://www.reuters.com/article/global-oil-idAFL1N3AD027 LNG / Natural Gas - https://www.fxstreet.com/news/natural-gas-price-analysis-xng-usd-grinds-at-multi-day-top-focus-on-305-and-us-employment-data-202309010216 Lithium - https://agmetalminer.com/2023/08/31/lithium-battery-market-volatility/ Technology - https://finance.yahoo.com/news/bull-market-tech-stocks-sector-221421282.html Base metals - https://www.bnnbloomberg.ca/base-metals-trade-mixed-with-chinese-and-us-economy-in-focus-1.1965922 Lumber - https://www.netnewsledger.com/2023/08/29/the-future-of-lumber-prices-in-canada-a-look-ahead/ EV - https://www.motor.com/2023/08/warning-signs-on-the-path-to-mass-ev-adoption/?utm_source=rss&utm_medium=rss&utm_campaign=warning-signs-on-the-path-to-mass-ev-adoption Supply Chain - https://www.forexlive.com/news/canada-august-sp-global-pmi-480-vs-496-prior-20230901/ or https://www.automation.com/en-us/articles/august-2023/strategies-strengthening-supply-chains-2023 Food supply and prices - https://www.emerald.com/insight/content/doi/10.1108/OXAN-DB281606/full/html Productivity - https://www.reuters.com/business/post-pandemic-world-facing-gloomy-stew-debt-trade-wars-poor-productivity-2023-08-28/ Innovation – https://digileaders.com/the-crucial-role-of-an-innovation-strategy/ Capital Spending - https://www.bnnbloomberg.ca/japan-firms-cut-capital-spending-for-first-time-in-over-year-1.1965955 Blog – Durable Goods and Capital Spending Analysis – August 2023 - https://www.linkedin.com/posts/paul-young-055632b_durable-goods-orders-tumble-why-its-not-activity-7100500285860573185-3emi?utm_source=share&utm_medium=member_desktop

1. CANADA GDP ANALYSIS –
JUNE 2023
Paul Young CPA
CGA
Senior Customer
Success Manager
– Data and AI
September 1,
2023

2. Paul Young – Bio
Senior Customer Success
Manager – Data and AAI
• CPA, CGA (1996)
• Academia (PF1, FA4, FN2, MU1. and MS2)
• SME – Customer Success Management
• SME – Risk Management
• SME – Sustainable and ESG Policy
Development and Reporting
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Business Process Change
• SME – Financial Solutions
• SME – Macro/Micro Indicators
• SME – Supply Chain Management
• SME – Data, AI, Security, and Platform
• SME – Internal Controls and Auditing
Contact information email: Paul_Young_CGA@outlook.com
LinkedIn: https://www.linkedin.com/in/paul-young-055632b/
SlideShare - https://www.slideshare.net/paulyoungcga
Twitter: https://twitter.com/paulyoungcpa
Youtube - https://www.youtube.com/user/youngercga1968/videos

3. Agenda
• G20 GDP Growth
• G7 GDP Growth
• GDP Analysis – Canada
• GDP Analysis – United States
• GDP Analysis – Australia
• How to address slow economic growth
9/1/2023 3

4. G20 GDP Growth
9/1/2023 4

5. Australia, USA and Canada – GDP / Inflation
9/1/2023 5

6. GDP Analysis
Source – Stats Canada
9/1/2023 6

7. GDP Analysis
Source – Stats Canada
9/1/2023 7

8. GDP Analysis
Source – Stats Canada
9/1/2023 8

9. GDP Analysis
Source – Stats Canada
9/1/2023 9

10. USA / GDP
Source – BMO
9/1/2023 10

11. Australia
GDP / June
2023
Source – Westpac
9/1/2023 11

12. Addressing slow growth
• Streamlining regulations as part of getting goods out of the ground to market
• Making key infrastructure capital expenditure in areas like ports, roads, and bridges.
• Addressing issues with taxation system as part of ensuring Canada has competitive tax
system with its peers around the world
• Supporting policies that will improve productivity like changes to capital cost allowance or
encouraging R&D spending on innovation or closing the skills gap as part of addressing
labor shortages.
• Streamlining government including more digital adoption
• Addressing systemic issues with affordable housing like cost/availability of land, cost of
raw materials and labor, adopting new technology like 3D printing of housing, etc.
• Promoting policies that encourage FDI inflow and outflow. The key is focusing on policies
that will keep Canada’s capital market competitive with other jurisdiction.
• Addressing the size of government through digital adoption along with value for money
and performance audits.
9/1/2023 12

13. Summary
• Canada GDP continues to face many challenges
• Global GDP continues to face many challenges
9/1/2023 13
Blog – What is next for the Global GDP – August 2023
The global economy is showing signs of improvement but remains fragile. Global GDP growth
in 2023 is projected at 2.6%, the lowest annual rate since the global financial crisis, with the
exception of the 2020 pandemic period. A modest improvement to 2.9% is foreseen for 2024.
There has been some respite: lower energy prices are helping to bring down headline inflation,
and the earlier-than-expected reopening of China has provided a boost to global activity.
However, the impact of higher interest rates is increasingly being felt across the economy.
High inflation and slow wage growth pushed real wages down in 2022, but these are projected to
stop declining in most OECD countries over the course of 2023.
With these falls in real wages and a still tight labour market, nominal wage growth is projected to
be just over 4% in the overall OECD area in 2023, before moderating to around 3.5% in 2024.
https://www.oecd.org/coronavirus/en/themes/global-economy
Additional sources and links:
Oil Production - https://globalnews.ca/news/9932960/oil-and-gas-sector-says-new-data-shows-it-can-
both-hike-output-and-lower-emissions/ or https://www.reuters.com/article/global-oil-idAFL1N3AD027
LNG / Natural Gas - https://www.fxstreet.com/news/natural-gas-price-analysis-xng-usd-grinds-at-multi-
day-top-focus-on-305-and-us-employment-data-202309010216
Lithium - https://agmetalminer.com/2023/08/31/lithium-battery-market-volatility/
Technology - https://finance.yahoo.com/news/bull-market-tech-stocks-sector-221421282.html
Base metals - https://www.bnnbloomberg.ca/base-metals-trade-mixed-with-chinese-and-us-economy-
in-focus-1.1965922
Lumber - https://www.netnewsledger.com/2023/08/29/the-future-of-lumber-prices-in-canada-a-look-
ahead/
EV - https://www.motor.com/2023/08/warning-signs-on-the-path-to-mass-ev-
adoption/?utm_source=rss&utm_medium=rss&utm_campaign=warning-signs-on-the-path-to-mass-ev-
adoption
Supply Chain - https://www.forexlive.com/news/canada-august-sp-global-pmi-480-vs-496-prior-
20230901/ or https://www.automation.com/en-us/articles/august-2023/strategies-strengthening-
supply-chains-2023
Food supply and prices - https://www.emerald.com/insight/content/doi/10.1108/OXAN-
DB281606/full/html