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

The second of two massive hydro-electric turbines headed to the Site C Dam project near Fort St. John sits in Prince Rupert ready for the Jan. 27 trek across the province. The load is so large and heavy it needs counterweights on the 120 ft transport truck and trailer (Photo: K-J Millar/The Northern View)
Second of two giant turbines and multi-vehicle convoy hit the road to Site C Dam

Massive turbine load from Prince Rupert needs one truck pulling it and two trucks to push it

Hays Creek in Prince Rupert requires more than $1.5 million to repair the creek and walls built in the 1950s and 1960s, Prince Rupert City Council heard on Jan. 25. (Photo: K-J Millar/The Northern View)
Prince Rupert City Council briefs:

More than $1.5 million needed to restore Hays Creek in Prince Rupert

Staff at Acropolis Manor, a Prince Rupert long-term health care facility in April 2020 where no cases of COVID-19 were reported until an outbreak on Jan. 19, 2021. As of Jan. 25th, 32 people associated with the residence have tested positive for the virus. (Photo: K-J Millar/The Northern View)
Staff at Acropolis Manor a Prince Rupert long term health care facility, take pride in their work place that no COVID-19 cases have been reported in the facility during the pandemic.This photo taken, April 20, from outside, looking through a window shows staff adhering to strict protocols and best practices to keep residents happy and healthy. (Photo: K-J Millar/The Northern View)
COVID-19 numbers increase at Acropolis Manor – 32 infected

Prince Rupert man concerned about temp. staff from out of region working at long-term care facility

Ken Veldman vice president, public affairs and sustainability, at Prince Port Port Authority on Jan. 21 addressed local employers in an online presentation about a new community recruitment program to attract employees to Prince Rupert. (Photo: K-J Millar/The Northern View)
New recruitment campaign to be launched in Prince Rupert

Web platform will use community collaboration to attract new employees to Prince Rupert

People skate on a lake in a city park in Montreal, Sunday, January 10, 2021. THE CANADIAN PRESS/Graham Hughes
The end of hugs: How COVID-19 has changed daily life a year after Canada’s 1st case

Today marks the one year anniversary of COVID-19 landing in Canada

British Columbia Health Minister Adrian Dix looks on as Provincial Health Officer Dr. Bonnie Henry addresses the media during a news conference at the BC Centre of Disease Control in Vancouver B.C. (THE CANADIAN PRESS/Jonathan Hayward)
B.C. announces 485 new COVID-19 cases, fewest deaths in months

‘The actions we take may seem small, but will have a big impact to stop the virus,” urges Dr. Henry

Former Vancouver Giants forward Evander Kane is seen here in Game 7 of the second round of the 2009 WHL playoffs against the Spokane Chiefs (Sam Chan under Wikipedia Commons licence)
Gambling debts revealed in details of bankruptcy filing by hockey star Evander Kane

Sharks left winger and former Vancouver Giants player owes close to $30 million total

Othman “Adam” Hamdan, pictured in front of Christina Lake’s Welcome Centre, was acquitted of terrorism related charges in 2017. He has been living in Christina Lake since November 2020. Photo: Laurie Tritschler
Man acquitted on terrorism charges awaits deportation trial while living in Kootenays

Othman Ayed Hamdan said he wants to lead a normal life while he works on his upcoming book

B.C. Premier John Horgan wears a protective face mask to help prevent the spread of COVID-19 prior to being sworn in by The Honourable Janet Austin, Lieutenant Governor of British Columbia during a virtual swearing in ceremony in Victoria, Thursday, November 26, 2020. THE CANADIAN PRESS/Jonathan Hayward
Premier Horgan calls jumping COVID vaccine queue ‘un-Canadian’

Horgan says most people in B.C. are doing their best to follow current public health guidelines

Prime Minister Justin Trudeau, left, and Vancouver Mayor Kennedy Stewart share a laugh while speaking to the media before sitting down for a meeting at City Hall, in Vancouver, on Friday August 30, 2019. (THE CANADIAN PRESS/Darryl Dyck)
Vancouver mayor, Health Canada to formally discuss drug decriminalization

Kennedy Stewart says he’s encouraged by the federal health minister’s commitment to work with the city

Downtown Fernie is pictured after a snowfall.
B.C. Premier John Horgan speaks at B.C. legislature on the province’s mass vaccination plan for COVID-19, Jan. 22, 2021. (B.C. government)
COVID-19 quarantine not an option for B.C., John Horgan says

Apres-ski parties increase risk, not interprovincial travel

Worker at Swartz Bay terminal on Monday, January 20, 2020. (THE CANADIAN PRESS/Chad Hipolito)
Former BC Ferries employee alleges he was fired because of his race

Imraan Goondiwala has been granted a BC Human Rights Tribunal hearing

Most Read