What’s the road to economic recovery for Canada, the U.S. and across the globe? Discover below. TEC Canada is pleased to provide the Andersen Monthly Economic Report exclusively to our members. The former assistant chief of the Bank of Canada’s research department, Dr. Peter Andersen provides valuable economic insight to help you make better business decisions.
- Slow vaccine rollout is a big headwind for the Canadian economy and thus will not experience the same growth as the U.S. The recovery will also come much later in the year.
- Canada’s construction industry is playing a major support role in the economy, driven largely by new home sales that reached unprecedented levels throughout the normally slow winter months.
- With the economy growing at above average rates in 2021 and 2022, there is increased competition for workers with specialized skills, leading to wages and salaries increasing at a much faster rate.
- The economy is currently safe with a steeper yield curve; banks are more profitable and thus more willing to provide credit. Mortgage rates will rise but will eventually return to normal levels.
- With the global economy showing mixed results, the world oil market continues to experience cross-currents. Only a month ago, benchmark oil prices appeared to rise above $70/barrel – they have since retreated.
- The global business cycle is in the process of transitioning from a recovery to a new expansion phase – at this point, China is the only country that has completed this process.
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