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Canada’s economy faces two significant shocks—the plunge in global oil prices and the impact of the COVID-19 pandemic.

Results from the spring Business Outlook Survey suggest that business sentiment had softened in most regions even before concerns around COVID‑19 intensified in Canada. Confidence deteriorated the most among firms in energy-producing regions.

The Canadian Survey of Consumer Expectations (CSCE) focuses on respondents’ views on inflation, the labour market and household finances. The survey for the first quarter of 2020 was conducted between January 29 and February 19, 2020. Results were therefore obtained before COVID‑19 became a major concern for Canadians and affected their outlook. This is the second quarterly publication of the results of the CSCE. Data collection began in the fourth quarter of 2014.

Learn about the economic impact of the COVID-19 pandemic and the Bank’s actions to support the Canadian economy and financial system.

Inflation targeting has been successful in Canada over the past 30 years. But is it the best we can do? The Bank of Canada asks itself, and Canadians, that question every five years.

The Bank projects that growth in the Canadian economy will accelerate from 1.6 percent this year to 2 percent in 2021.

Results from the winter Business Outlook Survey suggest that business sentiment is broadly positive except in the Prairies, where indicators remain weak. In aggregate, firms’ outlook is supported by expectations of healthy domestic and foreign sales.

Survey results suggest that consumers’ inflation expectations declined slightly in the fourth quarter of 2019. Consumers’ expectations for their wage growth were largely the same as in the previous survey. Consumer expectations for house price growth went up somewhat in Canada.

Climate change is transforming the economy and financial system

This article presents the key results from the autumn 2019 Bank of Canada Financial System Survey, conducted September 24 and October 11, 2019. This survey included special questions on climate change risk.