Canada NewsWire
TORONTO, Feb. 5, 2019
TORONTO, Feb. 5, 2019 /CNW/ - With the broader Canadian economy moderating back in line with longer-run growth rates, business owners across the country generally remain positive about their prospects, according to forecasts in the BMO Blue Book released today by BMO Economics and BMO Commercial Banking. The Blue Book covers Western, Central, and Atlantic Canada.
Much like the U.S. Federal Reserve's Beige Book, the BMO Blue Book combines the insights of BMO's economists with data on current national and provincial business conditions, as well as BMO's commercial bankers with sentiment from local businesses.
"The Canadian economy has begun to moderate, with growth coming in at below 2 per cent in the second half of 2018," said Robert Kavcic, Senior Economist, BMO Economics. "Across the country, we see two major themes playing out in 2019. First, oil prices have again become a downside risk for the three producing provinces. Elsewhere, most provinces are coming off very strong runs and are in the process of moving back in line with their longer-run growth rates."
"Amidst a slowing economy, businesses across the country are investing in innovation to increase productivity, as well as expanding into new markets such as the U.S. to increase their growth potential amidst changing economic conditions, which is an encouraging trend that will help bolster the overall competitiveness of the Canadian business community," said Dev Srinivasan, Head, Canadian Commercial Banking, BMO Bank of Montreal.
Mr. Srinivasan noted a perspective he often hears from BMO's commercial bankers from across the country: that the small and medium enterprises will continue to be key growth drivers for Canada's economy in 2019 and beyond. "Canada's small and medium sized businesses employ more than 90 per cent of the private sector work force, and ensuring the continued growth and long-term success of these enterprises is key to reaching the country's full economic potential. We're here to help these businesses compete and trade with each other – a critical element in supporting Canada's economic prosperity at home, as well as its competitive position on the world stage."
Mr. Srinivasan added BMO's best-in-class cross-border banking capabilities have helped clients across the country to build seamless operations between Canada and the United States by monitoring trends in both countries, executing transactions, and maintaining flexible negotiations with international suppliers, clients and distributors.
2019 Provincial Forecasts At-a-Glance:
Western Canada:
Central Canada:
Eastern Canada:
The full BMO Blue Book can be downloaded at https://economics.bmocapitalmarkets.com/
For more on BMO's cross-border services, please visit https://www.bmo.com/main/business/cash-management#cross
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $774 billion as of October 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
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