National Bank of Canada's Economics and Strategy Group has been named the most accurate forecaster in Canada for 2021 by the Consensus Economics firm. This recognition is based on the annual Forecast Accuracy Award (FAA) calculation carried out by Consensus Economics for countries in the G7 and Western Europe. 2021 FAA winners have been recognized for their high-quality research, their commitment to regular forecasts and their ability to identify most accurately the trends and levels of key indicators over the 24-month forecasting cycle.
"This recognition from Consensus Economics is a testament to the team's hard work and focus on rigour and critical thinking. We’re committed to developing economic projections that are grounded in the reality of our clients' business plans and that take into account as much as possible the economic, political and social changes taking place in the world," said Stéfane Marion, Chief Economist and Strategist at National Bank of Canada.
Over the coming months, the Economics and Strategy Group expects the Bank of Canada to continue to normalize interest rates in response to the country's tight labour market and the impact of the Chinese government's zero-COVID policy on supply chains, which will continue to exert upward pressure on inflation. Although GDP growth is expected to decelerate over the upcoming quarters, Canada remains well-positioned to deal with the uncertain geopolitical context thanks to its economic structure.