BMO Report: America's Post-Pandemic Economic Prospects

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

BMO Report: America's Post-Pandemic Economic Prospects

PR Newswire

CHICAGO and NEW YORK, June 29, 2020 /PRNewswire/ - As the U.S. works to recover from the COVID-19 pandemic and the corresponding economic dislocation, some industries will naturally rebound quickly as distancing measures lighten, according to a new report from BMO Economics.

In the report, titled "America's Post-Pandemic Economic Prospects," BMO's economists identify sectors which are likely to rebound and grow strongly in the new environment, along with others that may lag and have difficulty returning to original levels.

"While there are serious challenges ahead for the economy, there are also important reasons to remain positive," said Doug Porter, Chief Economist, BMO Financial Group. "While some sectors will face persistent challenges as a result of the shutdowns and distancing measures, at the same time – in classic creative destruction fashion – there will be some sectors that strengthen and step into the gap.

"The main conclusion is that economies are resilient, and people and businesses can be incredibly resourceful in the face of challenges; don't underestimate the ability to recover from this tough period," concluded Porter.

"Our business customers are adapting to the challenging times, in some cases even transforming their operations to help their local community, all while still working tirelessly to keep their operations moving forward," said David Casper, U.S. Chief Executive Officer, BMO Financial Group. "Their optimism and their entrepreneurial spirit are critical in leading our economy to better days."

"The recovery from the 2020 recession can be seen as a slow stair climb up after a fast elevator ride down," according to Michael Gregory, Deputy Chief Economist and Head, U.S. Economics, BMO Capital Markets. "These 'stairs' are fabricated from the various factors delaying full recovery for some businesses and industries, while denying it altogether for others. However, helping us up these stairs are the massive amounts of fiscal and monetary policy support."

The report identifies industries that are expected to meaningfully outperform in a post-pandemic world, including:

  • Health care and social assistance
  • Information and cultural industries
  • Food and beverage stores
  • Warehousing and storage

Industries expected to significantly lag behind include:

  • Air transportation
  • Accommodation and food services
  • Arts, entertainment and recreation
  • Mining (including oil and gas extraction)

The full report can be found at https://capitalmarkets.bmo.com/en/news-insights/covid-19-insights/research-strategy/americas-post-pandemic-prospects/

BMO subject matter experts have been constantly monitoring the developments around COVID-19, delivering insights to help make sense of what this means for businesses and the economy. Continue to follow us by visiting bmocm.com/covid-19-insights for more up-to-the-minute information. Subscribe to BMO COVID-19 Insights for a podcast of select reports, conference calls and thought leadership.

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $987 billion as of April 30, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

Cision View original content:http://www.prnewswire.com/news-releases/bmo-report-americas-post-pandemic-economic-prospects-301084779.html

SOURCE BMO Financial Group

Copyright CNW Group 2020

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).