SASKATOON -- Saskatoon is expected to take a big hit economically from the pandemic according to a report from the Conference Board of Canada.
The report expects the city’s gross domestic product (GDP) to decline 4.9 per cent this year because of COVID-19 and weak commodity prices.
“Soft commodity prices had kept Saskatoon’s economy lukewarm even before the coronavirus pandemic struck and oil prices collapsed. The local university and a small but vibrant tech sector provide some economic insulation," the board said in its report.
The Conference Board of Canada said it anticipates the city's unemployment rate to average 8.6 perc ent this year. However, it said some of those losses will be regained next year when employment increases 2.6 per cent.
Net in-migration is expected to fall by about 50 per cent compared to the five year average. The retail sector is also expected to take a hit. The report expects a decline of four per cent in retail sales in 2020.
