S&P Revises Canada’s Economic Projections, Sees 5.4% Growth Next Year
- Now sees 5.9% contraction in 2020 and growth of 5.4% next year
- S&P amends view after Fitch Ratings cuts Canada’s top status
A server wearing a protective mask collects glasses at a patio in Toronto, Ontario, Canada, on June 24. Canada's largest city has reopened restaurant patios, shops and swimming pools after officials determined that the Covid-19 virus is under control.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
S&P Global Ratings revised its projections on Canada’s economic and fiscal outlook for 2020 and next year while maintaining its top credit rating on the nation’s debt amid the coronavirus crisis.
Canada’s economy is expected to contract 5.9% in 2020 before expanding to 5.4% next year, senior economist Satyam Panday said in a report. That compares with its previous forecast made in April of a 5.3% contraction this year, followed by 6% growth in 2021.