Vanguard Economic and Market Outlook for 2020: The New Age of Uncertainty

09 December 2019 | Markets and economy


Global growth is slow, but Canada is a bright spot.

Geopolitical uncertainty and unpredictable policymaking have become the new normal.

Trade tensions are dragging down demand and supply, inflation remains below targets, and looser monetary policy hasn’t stimulated the global economy the way central banks had hoped.

But Canada is a bright spot among developed economies. Canadian growth is forecast at 1.6% for next year, versus 1.0% for the U.S. and Eurozone.

Though we expect interest rates and asset returns to stay much lower over the next year (and for the foreseeable future) than in previous decades, we see stability in the Canadian housing market and favourable conditions relative to other developed markets—with better capacity to absorb any unexpected economic shocks.

Read the Global Outlook Summary to learn more about our expectations for market performance in 2020 and beyond.