Royal Bank president David McKay speaks at the banks annual meeting in Toronto on April 6, 2017. McKay says it’ll take a few million people in the country getting vaccinating to get the country on track for an economic rebound. THE CANADIAN PRESS/Frank Gunn

Royal Bank president David McKay speaks at the banks annual meeting in Toronto on April 6, 2017. McKay says it’ll take a few million people in the country getting vaccinating to get the country on track for an economic rebound. THE CANADIAN PRESS/Frank Gunn

At least 4 million Canadians need vaccines for country to look at reopening economy: RBC

McKay says government relief will have to continue and become focused on areas of the economy

Royal Bank of Canada’s chief executive says the country will not be on track for an economic rebound until millions of people are vaccinated against COVID-19.

While 319,938 doses of COVID-19 vaccines have been given out so far, Dave McKay predicts between 4 million and 4.5 million high-risk Canadians will have to get the shots before the country can get back to opening the economy.

In an interview during RBC’s Canadian Bank CEO conference on Monday, McKay estimated the country could reach that target this year.

Once people are vaccinated, McKay believes people who have been sitting on cash and not spending it because so many things are closed will race back to pastimes like travel and entertainment.

He expects the country’s recovery could be retail-led or consumer-led because Canadians were offered billions in government aid during the pandemic and managed to save a lot by not going out.

McKay says government relief will have to continue and become focused on areas of the economy that are expected to take longer to recover like small businesses, hospitality businesses and transportation companies.

READ MORE: Canadian economy lost 63,000 jobs in Dec., first decline since April

The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Vernon Morning Star columnist Sam McNair gives an inside look to One Yoga in Vernon. (Sam McNair - Contributed)
Small Business Spotlight: One Yoga Vernon

It’s 2021 and everyone is looking forward to a new year full… Continue reading

A COVID-19 outbreak at Vernon’s Heritage Square long-term care home has now claimed eight lives as of Friday, Jan. 22, 2021. (Jennifer Smith - Morning Star)
COVID-19 claims another life at Vernon’s Heritage Square

Eight residents of the assisted living facility have died due to the virus to date

Interior Health reported 79 new cases of COVID-19 and two new death in the region Friday, Jan. 22, 2021. (Ben Hohenstatt/Juneau Empire)
79 new COVID-19 cases, two deaths reported in Interior Health

Both of Friday’s deaths were both recorded at long-term care homes

Administrative headquarters for the Regional District of Central Okanagan in Kelowna. (File photo)
Tempers fly over a pricey picnic shelter in the North Westside

Lack of detail on $121,000 shelter expenditure further incites self-governance wishes

(Pixabay photo)
Black Press Weekly Roundup: Top headlines of the week

In case you missed it, here’s what made waves throughout the week

Sunnybank in Oliver. (Google Maps)
Sunnybank long-term care in Oliver reports third COVID-19 death

The facility currently has an outbreak with 35 cases attached to it

Chief Public Health Officer Theresa Tam speaks during a daily briefing in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)
31 cases of COVID-19 variants detected in Canada: Health officials

Dr. Theresa Tam made announces 13 more variant COVID-19 cases in Canada

Royal Inland Hospital in Kamloops. (Dave Eagles/Kamloops This Week file photo)
COVID-19 outbreak declared at Kamloops’ Royal Inland Hospital surgical unit

Despite 6 South being a surgical unit, RIH said surgeries are continuing at the hospital

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Daily COVID-19 cases reported to each B.C. health region, to Jan. 20, 2021. Island Health in blue, Northern Health green, Interior Health orange, Vancouver Coastal in red and Fraser Health in purple. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infection rate stays stable with 508 cases Friday

Vaccine delivered to more than 110,000 high-risk people

The District of Saanich’s communications team decided to take part in a viral trend on Thursday and photoshopped U.S. Senator Bernie Sanders into a staff meeting photo. (District of Saanich/Twitter)
Bernie Sanders makes guest appearance municipal staff meeting in B.C.

Vancouver Island firefighters jump on viral trend of photoshopped U.S. senator

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

School District 57 headquarters in Prince George. (Mark Nielsen, Local Journalism Initiative Reporter)
Prince George school district settles with sexual abuse victim

Terms were part of an out-of-court settlement reached with Michael Bruneau, nearly four years after he filed a lawsuit

Most Read