Economic Outlook

Hear directly from RBC Global Asset Management Chief Economist, Eric Lascelles in his monthly and quarterly updates. Representing RBC GAM Investment Strategy Committee's (RISC) economic views, Eric shares timely insights and the expectations of RBC GAM on the global economy.

Monthly Economic Outlook Webcast

Monthly Economic Outlook Webcast

Geopolitics to the fore - September 2017

Eric Lascelles, Chief Economist, RBC Global Asset Management, shares the latest views on the global economy and offers insight into today’s economic issues.

The webcast includes an audio and slide presentation.

Launch Presentation

Key Highlights

  • The global economic growth rate has been stronger than usual driven by supportive financial conditions, U.S. post-election optimism, fading secular stagnation and declining risk in the European Union. RBC GAM believes these conditions are sustainable for the foreseeable future.

  • Economic downside risks such as European populism, higher interest rates and debt hot spots have been declining. However, protectionism, the aging business cycle and international relations are increasing threats to the health of the global economy.

  • RBC GAM predicts that U.S. GDP will see a short-term boost from deregulation, but a long-term drag from lower immigration – a key driver of economic growth.

  • NAFTA negotiations are underway. Issues being discussed include resolution tribunals, customs-free shopping, tighter procurement rules and intellectual property rights, among many others. Certain issues will be more difficult to reconcile than others, especially considering the aim is to complete negotiations by the end of 2017.

  • High inflation rates in emerging market countries such as Russia, Brazil and India – which have plagued their economies for decades – have dropped from previous levels of 6-7% to more stable levels of 3-4%, making it easier for their economies to grow.

  • The Canadian economy has seen tremendous growth over the last year; however, tougher labour laws, stricter environmental rules, potential new U.S. tariffs and increased Canadian regulations threaten its competitiveness versus the United States. RBC GAM is budgeting for slower but still solid growth in Canada moving forward on account of these challenges.

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