Increasing Scale, Improving Focus

Economic Outlook in Key Markets Growth in Pacific Alliance expected to remain above that of Canada and the U.S. 2018 AND 2019 REAL GDP GROWTH FORECAST (%) Real GDP (Annual % Change) Country 2000-17 avg. 2018e 2019f 2020f Mexico 2.2 2.0 1.4 1.3 Peru 5.0 3.6 4.0 4.0 Chile 3.9 4.2 3.2 3.2 Colombia 3.9 2.6 3.4 3.8 PACS simple avg. 3.8 3.1 3.0 3.1 2000-17 avg. 2018e 2019f 2020f Canada 2.1 2.0 1.8 2.0 U.S. 2.0 2.9 2.4 1.7 Source: Scotiabank Economics. Forecasts as of February 7, 2019. Scotiabank® 31

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