Global uncertainty can affect the Canadian economy
Every quarter, our Business Outlook Survey asks businesses across Canada how they expect the coming 12 months to unfold. We ask how they expect sales to compare with the previous 12 months and whether they plan to invest more or less in equipment and machinery than they did over the past 12 months.
Click on the boxes above to see how the 9/11 attacks on the United States, the 2008-09 global financial crisis and the COVID‑19 pandemic, all of which caused global uncertainty, affected the Canadian economy.
The 9/11 attacks on the United States
The 9/11 terrorist attacks caused great uncertainty about how the United States would respond and how the US economy would be affected. Canadian firms’ expectations for future sales dipped, and so did their plans for investment in machinery and equipment. But as the path forward became clearer, both of these indicators bounced back.
Click on the boxes above to see how the 9/11 attacks on the United States, the 2008‑09 global financial crisis and the COVID‑19 pandemic, all of which caused global uncertainty, affected the Canadian economy.
The 2008‑09 global financial crisis
During the global financial crisis, many homeowners in the United States became unable to make their mortgage payments. This caused major US banks to fail and led to a global recession. Canadian businesses’ sales expectations and plans to invest in machinery and equipment were low for quite some time while economic uncertainty lingered.
Click on the boxes above to see how the 9/11 attacks on the United States, the 2008‑09 global financial crisis and the COVID‑19 pandemic, all of which caused global uncertainty, affected the Canadian economy.
The COVID‑19 pandemic
In early 2020, much of the Canadian economy ground to a sudden halt as public health restrictions were implemented to stop the spread of COVID-19. The impact was dramatic but relatively short-lived. Canadian firms’ expectations for future sales and for investment in machinery and equipment both fell sharply but quickly bounced back above pre-pandemic levels.
Click on the boxes above to see how the 9/11 attacks on the United States, the 2008‑09 global financial crisis and the COVID‑19 pandemic, all of which caused global uncertainty, affected the Canadian economy.
