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Canada's Economy in Review


By Sara B. Potter, CFA  |  October 27, 2020

Last week, we hosted a webcast to discuss the Canadian economy and how the market has been impacted with the ongoing COVID-19 pandemic, as part of our FINSIGHTS webcast series for the Canadian market. Below are some of the highlights of the session. To hear the full story as well as other key topics influencing the Canadian financial industry, register for the series.

As we enter the final quarter of 2020, the global economic outlook continues to be dominated by COVID-19 and the economic toll of country lockdowns instituted around the world to stem the spread of the virus.

Due to the imposition of nationwide measures to contain the COVID-19 pandemic, Canadian economic activity was sharply curtailed starting in March as discussed in one of my previous Insight articles. With businesses shuttered and residents staying home, the negative impact on the Canadian economy has been severe. As a result, GDP contracted sharply in the first half of 2020.

The median consensus estimates of analysts surveyed by FactSet show a strong growth resurgence in the second half of the year, but the economy will contract sharply in 2020 followed by a rebound in 2021. Still, the economic recovery is not projected to be robust enough to get the economy back to where it was pre-COVID until late 2021 or even 2022.

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Sara Potter, CFA

Senior Marketing Content Specialist and Economic Contributor

Ms. Sara Potter is Senior Marketing Content Specialist and Economic Contributor at FactSet. In this role, she is in charge of thought leadership economic analysis and reports and a regular contributor to FactSet Insight where she provides commentary on a wide range of current market topics. Since joining in 1999, she has managed the economic database development team where she was responsible for the integration of third-party economic content as well as the development of FactSet Economics data. Ms. Potter is an active member of the FactSet Charity Committee which focuses on evaluating FactSet’s charitable event sponsorship and employee volunteerism programs. She earned an M.A. in International Economics and Finance from Brandeis University and holds a B.A. in Economics and French from Dartmouth College. She is a CFA charterholder.