Market Research Report
Retail Banking in Canada - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||952724|
|Published||Content info||18 Pages
Delivery time: 1-2 business days
|Retail Banking in Canada - Coronavirus (COVID-19) Sector Impact|
|Published: July 28, 2020||Content info: 18 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most countries around the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts as a number of countries officially slipped into recession in Q1 2020.
A similar trend was seen in Canada, with economic growth declining in the first quarter of 2020. With the government now easing lockdown restrictions, and several provinces allowing businesses to reopen, a rise in consumer and commercial spending is expected, which in turn will support the banking industry.
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in Canada. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.