TORONTO, Oct. 15, 2020 /CNW/ - Most of Canada's provinces will experience record
output contractions this year because of the COVID-19 pandemic,
with many not expected to recoup their losses for several years,
says Scotiabank Economics in its Q4 Provincial Outlook. The report
was released this morning, on the heels of Scotiabank Economics'
latest Forecast Tables, published Wednesday.
"The strength of the economic rebound since the peak lockdown
period earlier this year has surprised on the upside," said
Marc Desormeaux, Senior Economist at
Scotiabank. "However, with the arrival of a second wave and new
lockdown measures to curb the virus' spread, COVID-19 continues to
represent the primary forecast risk."
Highlights of Scotiabank's Provincial Outlook include:
- COVID-19: We are in the midst of a second wave across
much of Canada, and some regions
have announced a new round of lockdown measures that could result
in the kind of economic contractions experienced earlier this
year.
- Population Growth: After supporting hefty employment
gains before the pandemic, population growth has slowed
significantly amid border closures and travel restrictions.
- Policy Support: The federal government and the provinces
have introduced extraordinary measures to keep the economy
afloat.
- Industries: Tourism and oil and gas have been
disproportionately impacted, while agriculture, professional,
scientific and technical services have performed relatively
well.
Read Scotiabank's full Provincial Outlook online here.
Scotiabank Economics provides in-depth commentary on economic,
financial market and policy developments, both domestically and
internationally. Follow this research on Twitter at
@ScotiaEconomics.
About Scotiabank
Scotiabank is a leading bank in
the Americas. Guided by our purpose: "for every future", we
help our customers, their families and their communities achieve
success through a broad range of advice, products and services,
including personal and commercial banking, wealth management and
private banking, corporate and investment banking, and capital
markets. With a team of over 90,000 employees and assets
of approximately $1.2
trillion (as at July 31, 2020), Scotiabank trades on
the Toronto Stock Exchange (TSX: BNS) and New York Stock
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SOURCE Scotiabank