TORONTO, June 24, 2021 /CNW/ - Reopening from COVID-19 lockdowns and a robust US expansion will help all of Canada's provincial economies rebound strongly in 2021, says Scotiabank Economics in its latest Provincial Economic Outlook. The report was released following Scotiabank Economics' June 2021 forecast tables.

"COVID-19`s third wave has stalled momentum in many of Canada's provinces," said Marc Desormeaux, Senior Economist at Scotiabank. "but we still expect all to see sharp rebounds in 2021 as they bounce back from COVID-19 lockdowns and benefit from strong U.S. economic growth."

Highlights of Scotiabank's Provincial Outlook include:

• COVID-19: the economic impacts to date of second and third pandemic waves vary across provinces
• Commodity Prices: are supporting economic growth in oil-rich provinces and also in jurisdictions that produce and export metals, lumber, and agricultural products
• Industries: Tourism and accommodation and food services continue to be weighed down by pandemic restrictions, but may be in position to surge as restrictions are lifted
• Fiscal Policy: all provinces will use infrastructure spending to bolster their recoveries

Read Scotiabank's full Provincial Outlook online here.

Scotiabank Economics provides in-depth commentary on economic, financial market and policy developments, both domestically and internationally. Follow this research on Twitter at @ScotiaEconomics.

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Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.1 trillion (as at April 30, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank - Economic Reports