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2019 will put Canada’s economy to the test ot since the financial crisis have markets ended the year with such uncertainty as Nthey did in 2018. Last year’s final trading days, and weeks, sig- nalled a worrisome divergence in views about the economy, global trade and policy predictability that will likely continue into 2019. For years, consumers have been our undisputed economic heroes. As each crisis or shock unfold- ed, households could be depended on to pull out their credit cards and add to their mortgages. The aftershocks of the Great Recession would have been far worse without household spending to mask slow business investment and exports. RBC Economics ResearRBC Economics Research ch | Navigat | Navigating 2019 - 9 big insights for ting 2019 - 9 big insights for the yhe year ahead | Januarear ahead | January 2019y 2019 11

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