Canadians\u0027 excess savings built up during the pandemic may not be as big as the Bank of Canada thinks, say economists. Read more
said the economy was not cooling as quickly as expected because this mountain of money “may be acting as a buffer and supporting consumer spending.”Oxford Economics believes most measures of excess savings from the pandemic “vastly overstate” the support they will give to consumer spending in months ahead.
Oxford economist Michael Davenport estimates households have just over $200 billion, or 7.3 per cent of GDP, in extra savings, much smaller than common estimates in the range of $280 billion to $350 billion.Oxford says most measures don’t consider that households were under-saving in the years leading up to the pandemic and fail to adjust for the amount already spent paying down debt, on international travel or investing in assets such as housing, stocks, bonds and crypto.
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