This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
COVID-19 and Uncertainty to Flatten the Curve of Economic Recovery: Canada’s Two-Year Outlook
COVID-19 and Uncertainty to Flatten the Curve of Economic Recovery: Canada’s Two-Year Outlook
Canadian
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- Canada’s economy is on the mend, but the effects of the COVID-19 pandemic are far from over. We expect localized closures and a retrenchment in some segments of household spending and business activity to hold back the pace of recovery into
mid-2021. - Massive stimulus measures implemented by federal and provincial governments will help support households and businesses, but firms and workers in the most affected sectors will suffer continued hardship.
- South of the border, the recovery also depends crucially on Congress and the president agreeing to additional stimulus measures to keep the economy on track over the next few months. Canadian exports to the U.S. have rebounded, but continued progress is tied to U.S. household spending.
- The crisis has stretched the limits of federal and provincial government finances. A return to austerity is in the cards over the medium term.
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