On Tuesday, June 23, over 200 industry professionals from across Canada tuned into part one of the Economic Forecast Series with expert economist, Maureen Farrow. Typically, EFC holds this event in-person each fall, but in light of the current pandemic it was decided members would value a timely update on global and national economic conditions with a two-part webinar series in June and September.
Farrow presented various scenarios to show what our recovery could look like. Members were asked to use an alphabet letter to describe this shape, such as V,U,W or L.
The following letters describe the various recovery scenarios:
V is a sharp downturn followed by a strong bounce back/recovery
U is a lower recovery following the downturn.
W is a sharp downturn followed by a bounce back which then is followed by a further downturn etc.
L is when the economy goes into recession and then just stabilizes at a new low for some time before eventually recovering.
From this presentation it was concluded that while the pandemic quickly caused drastic affects on the economy, the recovery will not be as quick. Some say it might take two years before it can get back to ‘normal’. To view the presentation slide deck, click here.
Overall, part one of the Economic Forecast Series provided insightful and quantitative information for members to evaluate, digest and strategize more effectively.
Join September 24, at 1 pm EST, for part two of the series as Farrow will explore macroeconomic projections and update members on the evolving conditions caused by the crisis. To register, click here.