Canadian Banking and Mortgage Portfolio Overview

Economic Outlook in Core Markets Real GDP Growth Forecast (2019-2021) Real GDP (Annual % Change) 2010-18 Country 2019f 2020f 2021f Average Canada 2.2 1.6 1.5 2.0 U.S. 2.3 2.3 1.7 1.8 Mexico 3.0 0.0 1.0 1.8 Peru 4.8 2.3 3.0 3.5 Chile 3.5 1.0 1.4 3.0 Colombia 3.8 3.2 3.6 3.6 Pacific Alliance Average 3.8 1.6 2.3 3.0 Source: Scotiabank Economics. Forecasts as of January 13, 2020 6

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