Season 4 premiere: What 2026 holds for North America

We're back for season four!

In this season premiere, join RBC Economics’ Claire Fan and Carrie Freestone as they cut through the noise and reveal themes that matter for the Canadian and U.S. economies in 2026.

Despite a turbulent 2025, Canada's economy is starting from a surprisingly stronger position than many realize. Per-capita GDP improved for the first time in three years. The real question is: Can this improvement be sustained as international headwinds continue to grow.

South of the border, our outlook for the U.S. remains "stagflation lite"—sticky services inflation around 3% paired with growth below 2%. It's not just about tariffs. Uneven consumer spending driven by wealthy households and retirees is keeping inflation pressures alive.