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

Economies tighten with more good growth - August 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

  • From a cyclical perspective, global trade is growing reasonably well. From a structural perspective, as the increase of protectionism continues, RBC GAM sees global trade ebbing.

  • Numerous economic indicators show that the U.S. economy is in the mid-to-late range in the cycle, including the recent increase in bank loan growth and decreasing unemployment rate.

  • Since the 2016 U.S. election, the U.S. dollar has weakened considerably, possibly indicating the end of the business cycle. However, RBC GAM believes the U.S. dollar will rebound before the cycle ends.

  • Long-term trends show that China is losing its competitive edge with wages rising dramatically and productivity declining. On the other hand, competitiveness has been steadily improving over the last 10 years in Indonesia, Ireland and India.

  • Japan's Prime Minister Shinzō Abe's approval rating has reached a record low, dropping over 40% since the beginning of the year. Japanese markets have performed well under Abe's leadership, so a loss in the next election, scheduled for the end of 2018, could pose a risk to the Japanese economy.

  • Canadian leading indicators, including strong job growth, point to robust economic growth. Challenges to competitiveness for Canada versus the U.S. include tariffs and tax rates, environmental laws and new provincial labour laws.

Current economic trends: An in-depth look with Eric Lascelles

RBC Global Asset Management Chief Economist, Eric Lascelles identifies and dissects key signals hidden within noisy economic data and fast-moving financial markets.

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