Summary of the Chief Economists August Roundtable

Summary of the Chief Economists August Roundtable How is the economic and sanitary situation in your country?

The Chief Economists welcomed Mauri Kotamäki from FINNVERA, the Finnish development bank and export credit agency. Finnvera has been a member of The Montreal Group since 2014. Mauri has a working background with the Finnish Ministry of Finance, where he did his PhD, and in the bank of Finland. 

These were the main updates shared:

-(CANADA) Pierre Cléroux, BDC:  Infections are slowly increasing but hospitalizations remain low due to high vaccination rates. With elections coming, polls reflect Canadians are optimistic about the economy and more preoccupied about the environment.

-(JAPAN) Hikaru Fukanuma, JFC: There is going to probably be a 5th wave of COVID-19 in Japan. The sales diffusion index is recovering, showing a rebound in the economic activity; but mass confidence on economy is low.

-(Mexico) Armando Gamboa, NAFINThere are on average 20,000 infections daily, being the highest numbers since early 2021. GDP growth in second quarter of 2021 was 19.5% compared to the second quarter of 2020. Inflation is increased at an alarming rate of 5.6%.

-(Morocco) Abdelmoughite Abdelmoumen, CCG: There has been a surge in infections, increasing to approximately 10,000 new ones per day. The Ministry of Finance new budget contemplates important investments in process digitalization to improve its business climate.

-(Saudi Arabia ) Hisham Al-Hasan, SIDF: There is a well contained outbreak, considering the size of the population and the openness of the economy. There are positive indicators of economic recovery, including a decrease in unemployment in the first quarter of 2021.

-(Finland) Mauri Kotamäki, Finnvera: With 75% of the population of more than 12 years, having both doses, there is an ongoing debate of easing restrictions. The current level of bankruptcies has been stable during the pandemic thanks to support measures from the government.

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