A Bumpy Road Ahead for the Canadian Economy
By
Craig Wright
Published October 13, 2020
|
7 min watch
RBC’s New Canadian Monthly Macroeconomic Series
This is the first edition of The Economic Pulse - a monthly series that will provide macroeconomic insights and analysis from RBC’s Chief Economist, Craig Wright and Deputy Economist, Dawn Desjardins.
In this edition, we focus on the Canadian economic outlook for Q4 and into 2021. A number of factors will likely result in a more modest growth rate compared to the strong bounce back we saw in Q3.
Canada faces a number of economic headwinds including the COVID-19 second wave, sluggish global economic growth and less accommodative policy.
The Canadian consumer is the key to driving economic growth, but as the government rolls back household support, spending must be driven by job gains.
We continue to keep a close eye on the labour market - we expect the unemployment rate to hit 8.5% by year end down from the 13.7% peak during the recession. This bodes well for consumer spending.
For RBC’s latest in-depth economics research and analysis, please visit RBC Economics.
Craig Wright
Senior Vice President & Chief Economist,
As chief economist, Craig leads a team of economists providing economic, fixed income and foreign exchange research to RBC clients. Craig is a regular contributor to a number of RBC publications and is a key player in delivering economic analysis to clients and the media through the Economics Department’s regular economic briefings.
A graduate of Wilfrid Laurier University and the University of Toronto, Craig was appointed Chief Economist in 2001 having joined RBC 1994 after working at another financial institution for seven years. Craig is a participant in a number of the key RBC internal committees and is a member of the CD Howe Monetary Policy Council, Lazaridis School of Business and Economics Wilfrid Laurier University, Dean’s Advisory Council at Wilfrid Laurier University and the British Columbia Economic Forecast Council.
Craig and his wife Susan live in Toronto with their three children Emily, Bradley and Jacob.
CanadaEconomicsEconomy
