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 2021 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 Canada tackles its most serious wave of the COVID-19 pandemic to date, and its biggest trading partner - the United States – is set to introduce a new President this week, the latest Real Economy: Canada report shines a light on how the country’s trade and economic prospects can benefit from improved U.S. relations and a strong vaccination response in the coming months.
The report also examines what the federal government must do to address Canada’s daunting infrastructure deficit as it looks to get the country’s economy back on track.
“Given Canada’s historic over-dependence on trade, as well as its integration with the U.S. economy, it’s difficult to think of anything that could have a greater impact on Canada’s long-term recovery than the U.S. re-entering the Trans-Pacific Partnership (TPP)” says Alex Kotsopoulos, partner, projects and economics with RSM Canada. “This was a deal that President Trump walked away from in 2017, but the incoming Biden administration has hinted at its intent to re-enter the agreement, while also potentially ending the country’s trade war with China. Both actions could lead to substantial economic benefits for countries like Canada, which have been harmed by association through these trade disputes in recent years.”
Joe Brusuelas, chief economist with RSM US LLP, added: “Once the vaccine is in place and case numbers drop down, we’ll start to see the Canadian economy gradually reopen and when you pair that with a stronger, more fruitful trade relationship with the U.S., we’re in a good place to see robust growth over the next two years. However, it’s not going to be plain sailing - the large supply shocks felt across North America as a result of the pandemic will take a number of years to repair, with damages to the labour force and a decline in investment and productivity resulting in lower output.”
For more information on RSM Canada’s The Real Economy: Canada, download the report.
About RSM Canada
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. 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 environment.
RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms with 51,000 people across 123 countries. RSM Alberta LLP is a limited liability partnership and independent legal entity that provides public accounting services. 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 Twitter and/or connect with us on LinkedIn.