FleishmanHillard HighRoad for RSM Canada, fhr.rsm@FHhighroad.com, 416.508.8430
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FleishmanHillard HighRoad for RSM Canada, fhr.rsm@FHhighroad.com, 416.508.8430
for media use only
RSM Canada ("RSM"), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its first 2020 issue of ‘The Real Economy: Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into factors driving growth or economic headwinds in Canada's middle market.
As the COVID-19 pandemic continues to disrupt the global economy, this edition of the report shines a light on just how deep the impact will be for Canada’s economy as well as its business community. Through an analysis of in-depth data, the latest edition also outlines recommendations on how the government and financial authorities can curtail the damage and explores what Canada’s economic recovery could look like in the months ahead.
- The current financial system shock has not set off a broader financial and banking crisis thanks, in part, to activist and globally coordinated monetary policy.
- This means the recovery will not be L-shaped, as the U.S. economy experienced after the Great Recession, but could take on more of a ‘U’-shaped recovery pattern due to:
“Canada’s financial system has experienced a series of devastating blows in the wake of the global equity market collapse that began in the last weeks of February, and which has us on the verge of a financial crisis that could rival the global financial crisis of 2008,” said Joe Brusuelas, chief economist with RSM US LLP. “Monetary authorities have responded appropriately with measures such as easing of interest rates, but now we need to see fiscal authorities implement meaningful measures to protect and preserve the real economy.”
“Measures being taken to stem the spread of COVID-19 have ravaged Canada’s economy,” said Alex Kotsopoulos, partner, projects and economics with RSM Canada. “As we look ahead to recovery, we expect it will be more tepid than originally thought and, unfortunately, for a variety of reasons it will take longer for us to rebound in Canada than the U.S.”
Click here to access and download Volume 5 of The Real Economy, Canada.
About RSM Canada
RSM is the leading provider of professional services to the middle market. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business landscape. Our purpose is to instill confidence in a world of change, empowering our clients and people to realize their full potential.
RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent assurance, tax and consulting firms with 64,000 people in 120 countries. RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International. For more information visit rsmcanada.com, like us on Facebook, follow us on X and/or connect with us on LinkedIn.