RBC CEO is cautiously optimistic that the Canadian economy will avoid a serious contraction in 2023. Find out more.
chief executive Dave McKay said in a recent interview, before borrowing a phrase from his basketball coaching days to describe his approach.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way.
While economists have often pointed to the labour market as the last domino to fall before the country hits a recession, McKay said there has never been a recession forecast with an unemployment rate as low as it is now —This advertisement has not loaded yet, but your article continues below.The volume of liquidity and debt in the market — and the risk that COVID-19 could to re-emerge — are also contributing to the unusual environment, he added.
Against that backdrop, McKay is confident that RBC and the economy can power through a few quarters of subdued growth. He also noted that Ottawa still has room to provide fiscal support if absolutely needed but hoped it wouldn’t be necessary.
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