Canadian recession is likely without fiscal stimulus: Scotiabank [Financial Post (Toronto, Ontario, Canada)]
Bank Nova Scotia Halifax Pfd 3 Ordinary Shares (BNS)
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Source: Financial Post
Canadian recession is likely without fiscal stimulus: Scotiabank First of the Big Six banks to say so, but believes Ottawa would move quickly Canada is likely to fall into a recession this year unless the government moves ahead with robust fiscal stimulus as the economy takes a double hit from the coronavirus and tanking oil prices, according to the Bank of Nova Scotia. Scotiabank is the first of the six largest Canadian banks to predict the country could be headed into a recession, though it believes the government will move quickly enough to avert one. A rapid rise in coronavirus cases globally, the sharp fall in oil prices and volatility in financial markets make a contraction in the second and third quarters this year “likely” in the absence of fiscal measures, Jean-François Perrault, chief economist at Scotiabank, said Wednesday. “A reasonably mild recession appears likely unless timely and targeted fiscal measures are deployed in the very near future to deal with the economic im
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