Policy makers must encourage spending within Canada to drive economic recovery: TD CEO
The head of TD Bank Group is optimistic about Canada’s economic outlook as vaccines roll out.
“We are much better off today than we were 90 days ago,” said Bharat Masrani, president and chief executive of TD Bank Group, in an interview Monday. “[The COVID-19 vaccine rollout has] been a bit clunky, but from my perspective, these things will get sorted out.”
The vaccine is step one in getting Canada back on track, Masrani said. However, he added that the government could foster further growth by encouraging Canadians to spend their record cash hoards locally.
“We are a well-educated country and we do adapt to new realities,” he said. “So, I feel confident that as we get out of this pandemic, there will be a strong recovery and hopefully we have certain policies that will promote this long-term growth for the country.”
Masrani further pointed to the swift rollout of vaccines in the U.S. as another reason to be hopeful for strong growth on both sides of the border.
JPMorgan Chase & Co. CEO Jamie Dimon was likewise bullish on his own country’s recovery in an interview with Bloomberg Television on Monday. However, he warned that policy-makers should be cautious about flooding the market with additional stimulus cash in the long term on top of transfer payments that have not yet been spent.
“There’s a very good chance you’re going to have a gangbuster economy for the rest of this year and easily into 2022,” Dimon said. “The question is, does that overheat everything? We just don’t know yet, but I would put that on the things to worry about.”
Dimon said the pandemic is the most pressing issue at the moment and that supporting the groups that have been impacted the deepest should be prioritized.
“I would worry more about COVID and nuclear war than worry about [overheating].”