As the global pandemic caused havoc on Canada’s economy, the government quickly implemented household and business income and credit support programs. According to a chief economist at the National Bank of Canada in Montreal, these swift actions caused the average disposable income of Canadians to increase by 12 percent during the pandemic. These steps were critical in helping steady the resilience of the Canadian economy, according to the economist. A Bloomberg survey said in the final nine months of the year, growth is predicted to surge to an above five percent annualized pace.
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The optimism about a sharp economic recovery in Canada is high as the pandemic comes to an end. The increase in household wealth last year was unprecedented and is a catalyst for meaningful growth in 2021, according to the takeaway from an annual outlook conference. Stock market gains, surging home prices, and the governments’ extensive income support payments played a part in Canadians increased wealth during the crisis. Household net worth increased by over $469 billion in the first six months of the global pandemic, as reported by Statistics Canada information.
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