Bank economists share optimism for 2020, despite international uncertainty


TORONTO — Canada’s top bank economists predict the country will see a few bright spots in 2020.

Leading economists speaking at a Toronto breakfast put on by the Economic Club of Canada say the country will likely experience wins in the equity, housing and oil markets, even as the globe grapples with uncertainty in the Middle East and China.

CIBC Capital Markets managing director and chief economist Avery Shenfeld expects the Canadian equity market to slightly edge ahead of the U.S., which Canada typically trails.

BMO Financial Group managing director and chief economist Douglas Porter is pushing back on rumours of an impending recession.

He finds optimism in the rise of housing sales and prices, federal fiscal policies supporting growth and more certainty around Canada’s pipeline plans.

Royal Bank of Canada’s vice-president and deputy chief economist Dawn Desjardins is heartened by the country seeing wage growth in recent months and noted that the country has had a 11-year streak for economic expansion.

Their remarks come ahead of a November U.S. election and amid a trade spat between the U.S. and China and national security tensions between the U.S. and Iran.

Tara Deschamps, The Canadian Press