Dr. Jestin is Scotiabank’s Chief Economist and has been with the Bank since 1979.  Before joining Scotiabank, Warren worked in the Bank of Canada’s Research Department and taught economics at several Canadian universities.  He is on the Board of The University of Guelph Heritage Fund and is chair of that University’s College of Management and Economics Advisory Committee.  He is also on the Board of Advisors of the Sobey School of Business at Saint Mary’s University in Halifax.  Warren earned an MA in Economics at the University of Guelph in 1971 and was awarded his doctorate from the University of Toronto in 1977.

Warren has served on the C.D. Howe Institute’s Monetary Policy Council and has been involved with economic policy committees of the Canadian and Ontario Chambers of Commerce and the Toronto Board of Trade.  He is also on the Board of the Markham-Stouffville Hospital.  In his role as Chair of Scotiabank’s Sponsorship and Donations Committee, Warren works closely with a wide variety of Canadian charitable institutions.

As the World Turns

Dr. Warren Jestin will discuss the background leading to his following conclusions:

• The US economy is in for a difficult and protracted convalescence; 
  
• Commodity markets will experience lethargic global demands in 2010;
  
• The "flight to liquidity" that has been supporting the US dollar and keeping bond prices near historic lows will erode as the global economy stabilizes and investors refocus on the longer-term implications of sky-high US fiscal deficits;
• Emerging trade and fiscal deficits have undercut the Canadian dollar in the near-term, but positive long-term fundamentals point to a rebound in 2010 and beyond;
  
• The US Fed., Bank of Canada and other central banks will offer unprecedented stimulus and maintain record-low interest rate poliies through much of next year;
  
• Massive doses of fiscal stimulus will begin to gain traction in North America and abroad during the second half of 2009, with government spending and infrastructural investment becoming the primary engines of economic support.

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