Chief economists at Canada's big banks predict rocky year for economy

TORONTO -- The chief economists of some of Canada's biggest banks say the country is headed for a rocky year as low oil prices continue to drag on economic performance.

See Full Article

Bank of Montreal chief economist Douglas Porter told a morning gathering of leading economists today that it's going to be a "very close call" whether the fourth quarter of 2015 saw any economic growth.

Canada's resource sector has been slammed as the price of crude has fallen from a high above $105 in June 2014 to below $40 over the past few months, just as other commodities are at or near multi-year lows.

Speaking at an event hosted by the Economic Club of Canada, Porter said it looks like last year was one of the worst years for economic growth in decades outside of a full-on recession, and Canada is looking at a 2016 growth rate not much higher than last 2015.

He says the loonie, which has plunged as the price of oil has declined, also has further to fall.

CIBC chief economist Avery Shenfeld says 2016 will be a disappointing year for the global economy at large, and Canada won't be spared.



Advertisements

Latest Economic News

  • Spat breaks out between Tim Hortons franchisee factions over public complaints

    Economic CBC News
    The Tim Hortons franchisee advisory board is slamming a group representing at least half of the brand's restaurant owners for publicly making complaints about their parent company Restaurant Brands International Inc. In a letter to franchisees obtained by The Canadian Press, the board argues that the comments by the Great White North Franchisee Association criticizing the company in the media and to the federal government is corrosive and damaging to the Tim Hortons brand. Source
  • Acacia Mining production drops 45 per cent as Tanzania troubles persist

    Economic CTV News
    TORONTO -- A subsidiary of Toronto-based Barrick Gold Corp. says gold production at its Tanzanian operations plunged 45 per cent last quarter as it grappled with export restrictions from the country. London-based miner Acacia Mining, owned 64 per cent by Barrick, says the drop in production resulted from reduced operations at its Bulyanhulu mine and producing mostly from lower-grade stockpiles at its Buzwagi mine. Source
  • Supreme Court beer ruling could apply to Alberta-B.C. pipeline war, experts say

    Economic CTV News
    CALGARY -- A Supreme Court of Canada ruling on bringing beer from Quebec into New Brunswick has implications for the trade war between Alberta and B.C. over the Trans Mountain pipeline expansion. Experts say the court seems to be addressing the issue in its decision when it notes that while some trade barriers can be allowed in some circumstances, those designed to punish another province or to protect a local industry would not be permissible. Source
  • High cost of dental services prompting some patients to seek alternative options

    Economic CBC News
    An unaffordable price tag kept Melanie Laxson out of the dentist's chair until the pain became unbearable. With no access to insurance, the 38-year-old says there's no way she could afford the full cost of a dentist. Source
  • Canadian airline profits will fall in 2018 on higher costs: Conference Board

    Economic CTV News
    MONTREAL - The Conference Board of Canada says the growth of the country's airline industry will slow in 2018 as profits are forecast to decrease from last year's peak primarily because of higher fuel and labour prices. Source
  • Commodities volatile on $100 US oil talk

    Economic CBC News
    Talk that Saudi Arabia has its sights on $80-$100 US a barrel oil again and of more U.S. sanctions on Russia ignited a rally in commodities and resource stocks on Thursday, though the potential boost to inflation hit fixed-income assets. Source
  • Commodities rollercoaster on $100 US oil talk, sanctions stress

    Economic CBC News
    Talk that Saudi Arabia has its sights on $80-$100 US a barrel oil again and of more U.S. sanctions on Russia ignited a rally in commodities and resource stocks on Thursday, though the potential boost to inflation hit fixed-income assets. Source
  • 'Pharma Bro' arrives at low-security federal prison

    Economic CTV News
    FORT DIX, N.J. -- The pharmaceutical-industry entrepreneur vilified for jacking up the price of a life-saving drug has been placed in a low-security federal prison in New Jersey. Martin Shkreli was moved Tuesday from the Brooklyn Metropolitan Detention Center in New York to the Federal Correctional Institution at Fort Dix. Source
  • 'Pharma Bro' moves to New Jersey for federal prison stay

    Economic CTV News
    FORT DIX, N.J. -- The pharmaceutical-industry entrepreneur vilified for jacking up the price of a life-saving drug was moved Tuesday to a low-security federal prison in New Jersey. Martin Shkreli was sent from the Brooklyn Metropolitan Detention Center in New York to the Federal Correctional Institution at Fort Dix. Source
  • WestJet to 'accelerate' inspections after deadly Southwest engine explosion

    Economic CTV News
    WestJet plans to speed up required inspections on its fleet of Boeing 737-700 jets, following an engine explosion on a Southwest Airlines flight that killed one passenger. A spokesperson for the Calgary-based carrier said only a “small portion” of its aircraft have the engine fan blades currently under investigation by the U.S. Source