Scotiabank Economic Forecast and Analysis

This document is a technical report detailing Scotiabank's economic forecasts as of November 12, 2025. It outlines the anticipated economic conditions in Canada and the U.S., highlighting the constraints posed by ongoing U.S. trade policies and their impact on growth. The report indicates weak growth projections for both countries, with Canada expected to experience a modest improvement in GDP growth due to fiscal support, while U.S. growth is anticipated to slow down. Key economic indicators such as GDP, consumption per capita, and inflation rates are discussed, with specific forecasts provided for the Federal Reserve's policy rate and the Bank of Canada's expected actions. The report also addresses uncertainties surrounding fiscal policy, healthcare costs, and the reworking of supply chains in response to tariffs. Overall, the document presents a comprehensive view of the economic landscape, emphasizing the challenges and potential developments in the near future.