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

Penticton fire crews quickly put out a small blaze at a home on Duncan Ave. E Monday night. (Mike Biden photo)
UPDATE: House fire sends one to hospital

The fire at the Duncan Place home was cooking related

(Pixabay)
‘Roadmap out of COVID-19’: Innovate BC’s program helping businesses recover

CEO Raghwa Gopal said the tech sector is here to help brick and mortar businesses

For the second time in five years, John Pankiw has donated $100,000 to Penticton Regional Hospital.  (Submitted - Stuart Bish Photography)
Penticton Regional Hospital donation honours front-line workers

John Pankiw donated $100,000 for the second time in five years

Toronto Public Health nurse Lalaine Agarin makes preparations at Toronto’s mass vaccination clinic, Jan. 17, 2021. THE CANADIAN PRESS/Frank Gunn
3 deaths, 234 new cases of COVID-19 in Interior Health over the weekend

One death connected to outbreak at Kamloops’ Royal Inland Hospital, where 20 patients and 28 staff have tested positive

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

A large portion of Anglemont is without running water due to a water main break on Jan. 26. (CSRD Image)
A large part of Anglemont in the North Shuswap is without water due to a water line break on Jan. 26. (Black Press File Photo)
Broken water main leaves Shuswap community without running water

The water line has left Anglemont residents either without water or with low pressure.

A woman wearing a protective face mask to curb the spread of COVID-19 walks past a mural in Victoria, B.C., on Monday, Dec. 7, 2020. THE CANADIAN PRESS/Marissa Tiel
Five big lessons experts say Canada should learn from COVID-19:

‘What should be done to reduce the harms the next time a virus arises?’ Disease control experts answer

A Vancouver Police Department patch is seen on an officer’s uniform as she makes a phone call. THE CANADIAN PRESS/Darryl Dyck
Vancouver man calls 911 to report his own stabbing, leading to arrest: police

Officers located the suspect a few blocks away. He was holding a bloody knife.

Kelowna seen from the top of Knox Mountain. (Phil McLachlan - Capital News file)
Homeownership unattainable for many Kelowna residents

Single-person and single-parent households often have limited options when it comes to housing

A Kelowna cannabis manufacturer has acquired another cannabis-based firm. (Black Press Media File)
Kelowna cannabis company acquires edibles manufacturer for $24.9 million

The Valens Company has acquired LYF Food Technologies

Vernon has agreed to a goose cull to control the over-populated invasive species making a muck of area parks and beaches. (Morning Star file photo)
Okanagan city pulls the trigger on goose cull

City asking neighbours to also help control over-population of geese

LaRae Richards loads an order for deliver via Uber Eats Wednesday afternoon at Red Onion Burgers in Mountlake Terrace on May 17, 2017. (Kevin Clark / The Herald)
Uber Eats comes to Kelowna

There are more than 60 businesses on the online delivery platform

Most Read