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

Advancing protectionism - April 2018

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
Disclaimer

Key Highlights

  • Factors contributing to ongoing turbulence in the financial markets include inflationary pressures, interest-rate hikes and, most predominantly, threats of protectionism.

  • Protectionist actions are already underway, largely led by U.S.-imposed tariffs on steel and aluminum and Chinese intellectual property practices, while other concerns are pending, such as NAFTA negotiations and China's willingness to escalate the trade dispute.

  • There are early signs that we are reaching the end of the business cycle, especially in the bond market. Central banks have raised rates, which flattens the yield curve. We are monitoring the yield curve for signs of inversion, which could signal the start of a recession, but this is not an immediate concern.

  • After registering strong growth in late 2016 and early 2017, Canadian economic data for late 2017 and early indicators in 2018 have moderated, and investor expectations are no longer as optimistic. The economy is beginning to settle down following a forceful rebound in 2017 driven by monetary stimulus, fiscal stimulus and higher oil prices. We anticipate below-consensus Canadian economic growth going forward due to diminishing competitiveness, a challenging housing outlook as well as less monetary and fiscal support.


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