During this 60-minute webinar, Michael and Richard outline the key factors shaping the outlook:
- Interest rates: Canadian interest rates have been on the rise since July, which is a benefit to the bottom line of both the banking and insurance sectors. However, rising rates are a double-edged sword for bankers, because it will weigh on housing affordability and demand for new mortgages in the medium term.
- Fintechs: Facing competition from emerging fintech firms, the Canadian banking sector has responded with numerous initiatives to fuel digital innovation in the sector, partnering with fintech firms to enhance their product offering and collaborating with universities to stay on top of the latest technologies and leverage them in their operations.
- Catastrophes:Severe weather and other catastrophes are normally unpredictable and can increase claims sharply for insurers.
As Director, Industrial Economic Trends, Michael Burt oversees regular forecasts for more than 30 different sectors of the Canadian economy, including an annual Industrial Profile for Canada’s Retail Trade Industry. Michael joined The Conference Board of Canada in 2004. In addition to contributing to the development of the Industrial Outlook forecast model, Michael has introduced new industry-specific products and conducted commissioned analysis. Michael has a Master’s degree in Economics from the University of Toronto, and has also completed the Chartered Financial Analyst program.
Richard Forbes joined the Conference Board in 2016 as an economist on the Industrial Economic Trends team. Richard is responsible for performing research, contributing analysis on a wide range of industries across the Canadian economy and writing some of the group’s publications. Before joining the Conference Board, Richard spent time as a quantitative analyst at Ontario Teachers’ Pension Plan, assisting with vetting procedures within the organization’s Model Validation Group.
Richard holds a Bachelor of Arts Honours degree in economics from Western University as well as a Master’s degree in economics from McMaster University where he specialized in International Trade and Labour economics.