Earnings and Dividend Growth Report

Economic Outlook in Core Markets Real GDP Growth Forecast (2019-2021) Real GDP (Annual % Change) Forecast Country 2010-18 Average 2019 2020F 2021F Previous¹ Current² Previous¹ Current² Canada 2.2 1.7 -9.1 -6.6 6.5 5.4 U.S. 2.3 2.3 -6.3 -4.7 7.0 5.4 Mexico 3.0 -0.3 -8.4 -9.1 1.1 3.1 Peru 4.8 2.2 -9.0 -11.5 7.0 8.7 Chile 3.6 1.1 -4.5 -6.0 2.9 4.4 Colombia 3.8 3.3 -2.9 -7.5 3.6 5.0 PAC Average 3.8 1.6 -6.2 -8.5 3.7 5.3 Source: Scotiabank Economics. 1 Forecasts as of April 17, 2020 for Canada; Forecasts as of May 16, 2020 for U.S., Mexico, Peru, Chile, and Colombia 2 Forecasts as of August 4, 2020 for Canada; Forecasts as of August 8, 2020 for U.S., Mexico, Peru, Chile, and Colombia 11

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