Saturday, September 23, 2023

Scotiabank casts doubt on the economic optimism of Bill Morneau and the Bank of Canada

Scotiabank’s latest report on the wholesale sector reveals a more worrying picture than the Bank of Canada or the Finance Minister would have Canadians believe. 

According to the latest Canadian GDP Nowcast data, Scotiabank revealed that the fourth quarter of 2019 reported a much lower growth rate than previously predicted. 

“Wholesale sales for November is just the latest in the string of negative data releases that underscored the slowdown of the Canadian economy at the end of 2019. With this report, Q4-2019 is reduced to -0.29% Q/Q SAAR, far below the BoC’s somewhat stale forecast of 1.3%,” said the report. 

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