As we step into 2024, private pension spending in Canada is forecasted to be 5.66% of GDP, up from its previous actual percentage in 2023. The forecast shows a steady year-on-year increase: 3.89% in 2024, 3.89% in 2025, 3.74% in 2026, and 3.77% in 2027, reaching 6.53% by 2028. This indicates a robust growth path, with the compound annual growth rate (CAGR) over these five years expected to be approximately 3.82%.
Future trends to watch for include demographic shifts such as aging populations, economic fluctuations impacting GDP proportions, and potential pension reforms that could influence contributions and spending.
