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Trade, Globalization Won’t Return to Normal After Pandemic, RBC CEO Says

  • Trade ‘is not likely to go back to the old model,’ McKay says
  • Canada must become more self-reliant after crisis passes
RBC chief executive officer Dave McKay

RBC chief executive officer Dave McKay

Photographer: Cole Burston/Bloomberg

Global trade patterns will be disrupted for a long time, forcing trade-dependent countries like Canada to become more self-sufficient even after the coronavirus crisis has passed, says the head of the country’s largest bank.

Royal Bank of Canada Chief Executive Officer David McKay painted a picture of a world that’s less connected after the pandemic during his speech at his company’s annual investors meeting. That will force adjustments on a Canadian economy that relies on open trade and an influx of newcomers.