Digital Banking Strength and Strategic Funding
Economic Outlook in Core Markets
Real GDP Growth Forecast (2019-2021)
Real GDP (Annual % Change)
Forecast (1)
2010-19
Country
2020
2021
Average
Q1
Q2
Q3F
Q4F
FY
Q1F
Q2F
Q3F
Q4F
FY
Canada
2.2
-0.9
-13.0
-4.7
-4.2
-5.7
-0.9
12.6
2.8
2.9
4.1
U.S.
2.3
0.3
-9.0
-3.5
-3.6
-3.9
-1.0
9.7
3.8
4.1
4.0
Mexico
2.7
-1.4
-18.7
-10.6
-5.0
-9.1
1.9
5.0
3.3
2.4
3.0
Peru
4.8
-3.5
-30.2
-6.7
-4.8
-11.5
-0.8
31.4
3.8
6.0
8.7
Chile
3.6
0.2
-14.1
-9.0
2.2
-5.2
1.2
14.9
7.6
-1.6
5.1
Colombia
3.8
1.4
-15.7
-9.3
-6.2
-7.5
-3.2
14.1
5.8
3.4
5.0
PAC Average
3.7
-0.8
-19.7
-8.9
-3.5
-8.3
-0.2
16.4
5.1
2.6
5.5
Source: Scotiabank Economics.
1 Forecasts as of October 14, 2020 for Canada and the U.S.; Forecasts as of October 4, 2020 for Mexico, Peru, Chile, and Colombia
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