Bank of America cuts Canadian economic outlook amid ‘negative shock’ from coronavirus [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Bank of America cuts Canadian economic outlook amid ‘negative shock’ from coronavirus Bank of America is cutting its forecast for economic growth in Canada this year, and now expects the Bank of Canada to cut interest rates as early as April. “We cut our GDP growth forecast to 1 per cent from 1.5 per cent for 2020, although we keep 2021 growth unchanged at 1.8 per cent,” Carlos Capistran, the bank’s head of Canada and Mexico economics, and his colleague Mingzi Yi said in their projection this week. “Most of our revision is due to lower oil prices and lower demand from China (i.e. COVID-19), but some is also due to rail disruptions in 1Q,” they added. “Previously we projected a ‘V-shape’ rebound after nearly no-growth in Q4 [2019] given still solid domestic demand and progress in global trade disputes. But with rising new risks we now expect a mild ‘U-shape’ rebound. If China’s economy rebounds in 2Q and oil prices stabilize in [the second half], Canadian economic growth will likely re
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