Contact(s)
Global Prospects - The Economics of Hope is a free seminar presented by Scotiabank’s Chief Economist Dr. Warren Jestin.
See the attached for event details or register by calling 705-325-4900 or by email at edc@orillia.ca
Summary:
Global economic activity remains highly uneven, with U.S. consumers getting back in a spending mood and Europe showing signs of crawling out of a lengthy recession just as China and some other new world powerhouses are losing momentum. From a Canadian perspective, the cyclical recovery of U.S. consumer spending and the prospect of a comprehensive trade deal with Europe are positive for exporters. However, on a longer-term basis, the real game changer in terms of opportunity is the rapid emergence of domestic demand in Asia and Latin America. These nations are making the transition from world-class producers to consumers at an astonishing rate and will account for an increasing share of global economic activity over the balance of the decade.
While highly accommodative monetary policies should keep short-term interest rates in the major developed nations near historic lows, global financial markets will remain prone to sudden bouts of volatility as investors first anticipate and are then forced to adjust to a tapering of the U.S. Federal Reserve’s massive bond buying program. For Canada, this suggests that longer-term borrowing costs will be rising. With investors now more positive on U.S. prospects and less positive on many commodities, the Canadian dollar also is likely to stay below parity, gravitating to the 90–95 cents (U.S.) range over the next year.
Dr. Warren Jestin:
Warren Jestin is Scotiabank’s Chief Economist and has been with the Bank since 1979. Warren is a popular public speaker and media commentator on economic issues in Canada and abroad. He travels extensively meeting with clients and experts from around the globe to keep pace with the latest economic, political and financial market developments.
Warren is on Advisory Boards for the Sobey School of Business at St. Mary’s University, and the University of Guelph where he is the Economist in Residence at the College of Management & Economics. Warren also serves on several other advisory boards including The Learning Partnership, the Canadian Foundation for Economic Education and the Markham Stouffville Hospital, where he is past Chair.
He has also been a member of the C.D. Howe Institute’s Monetary Policy Council and has been involved with policy committees of the Canadian and Ontario Chambers of Commerce and the Toronto Board of Trade.
Before joining Scotiabank, Warren earned a Ph.D. from the University of Toronto, worked at the Bank of Canada and taught at several universities.