RBC Economics and Thought Leadership aims to build a prosperous and innovative future by harnessing ideas, insights and data to help RBC clients and communities understand the forces shaping the world around us.

Our team of economists and researchers deliver economic analyses, comprehensive reports and conversations with world-leading thinkers that inspire and empower informed decisions in an evolving world.

  • In-depth research reports on sustainable growth, climate change, innovation and human capital.
  • Timely analysis and forecasts of the economy and financial markets.
  • Quarterly economic updates and monthly Canadian housing analysis.
  • An ongoing series of conversations with leading thinkers about reimagining Canada’s economy in a time of unprecedented change.

Meet Our Team

Frances Donald

SVP & Chief Economist

Frances Donald is the Chief Economist at RBC and oversees a team of leading professionals, who deliver economic analyses and insights to inform RBC clients around the globe. Frances is a key expert on economic issues and is highly sought after by clients, government leaders, policy makers, and media in the U.S. and Canada. She provides unique insights and actionable ideas on the macro-economic environment and financial markets across North America and is recognized for her ability to effectively communicate complex economic issues.

Frances joined RBC from another financial institution where she served as global chief economist and strategist. In this capacity, she was responsible for forecasting global macroeconomic and financial trends, analyzing the economy and capital markets for potential opportunities and risks, and serving as a thought leader both within the firm and externally.

She’s a frequent public speaker and regularly appears in international and Canadian media, including Bloomberg, CNBC, the Financial Post, the Globe & Mail and CBC.

Frances obtained a Bachelor of Economics from Queen’s University and earned her master’s degree in economics from New York University.

Robert Hogue

Assistant Chief Economist

Robert Hogue is responsible for providing analysis and forecasts on the Canadian housing market and provincial economies. His publications include Housing Trends and Affordability, Provincial Outlook and provincial budget commentaries. In his functions, he is frequently called to comment on the economy both internally within RBC and externally with clients and the media.

Robert joined RBC in May 2008 after spending 15 years with another Canadian financial institution as a senior economist specializing in industrial analysis. At the outset of his career, he spent four years as an economist with Ontario Hydro, where he specialized in industrial and macroeconomic analysis. Robert holds a Master’s degree in economics from Queen’s University and a Bachelor’s degree from Université de Montréal.

Nathan Janzen

Assistant Chief Economist

Nathan Janzen is an Assistant Chief Economist, leading the macroeconomic analysis group. His focus is on analysis and forecasting macroeconomic developments in Canada and the United States. Nathan has been with RBC since 2008 with a focus on covering the macroeconomic outlook for Canada and the United States. He has a MA in economics from McMaster University and a BA in economics from the University of Regina.

Cynthia Leach

Assistant Chief Economist

Cynthia is the Assistant Chief Economist, Thought Leadership at RBC. She helps shape the narratives and research agenda for the team’s structural economic and policy analysis, covering topics such as human capital, innovation, and trade. She joined the team in 2020.

Previously, Cynthia was an executive at Finance Canada, most recently heading a team responsible for housing finance policy. Cynthia holds an M.A. Economics degree from the University of Toronto.

Abbey Xu

Economist

Abbey Xu is an economist at RBC. She focuses on macroeconomic models as inputs into the Bank’s forward looking provisioning for credit losses and stress testing process. Her education background includes a MA in Business Economics, and a BA in Economics from Wilfrid Laurier University.

Aidan Smith-Edgell

Research Associate

Aidan joined RBC as a Banking Advisor in 2018. He later joined RBC Economics as a Research Associate in 2021. He holds a Bachelor of Arts (honours) in Economics with a specialization in Econometrics from the University of Waterloo. He is CFA Charterholder.

Carrie Freestone

Economist

Carrie Freestone is an economist at RBC. She is a member of the macroeconomic analysis group and is responsible for monitoring key indicators including consumer spending, labour markets, GDP, and inflation. Carrie produces economic analysis that she delivers to clients and the public through publications and presentations. She holds a Bachelor of Arts in Economics from Queen’s University and a Master of Arts in Economics from the University of Ottawa.

Claire Fan

Senior Economist

Claire Fan joined RBC as an economist since 2019 after graduating with a bachelor of business administration from the University of Toronto, and a master in financial economics from Western University. At RBC, she focuses on covering the macroeconomic outlook for Canada and the United States, and is responsible for projecting key indicators including GDP, employment and inflation. Her publications include the inflation watch series and various other analyses on labour market trends, recession probabilities and inequalities.

Farhad Panahov

Economist

Farhad Panahov is an economist RBC. He studies the labour market – largely focusing on the future of work, demographic change, diversity, and human capital. He holds a BSc in Economics from the University of British Columbia, and Master of Applied Science in Data, Economics, and Development Policy from the Massachusetts Institute of Technology.

John Stackhouse

Senior Vice President, Office of the CEO

As Senior Vice-President, Office of the CEO, John advises the executive leadership on emerging trends in Canada’s economy, providing insights grounded in his travels across the country and around the world. His work focuses on technological change and innovation, examining how to successfully navigate the new economy so more people can thrive in the age of disruption. Prior to joining RBC, John spent nearly 25 years at the Globe and Mail, where he served as editor-in-chief, editor of Report on Business, and a foreign correspondent in New Delhi, India. Having interviewed a range of prominent world leaders and figures, including Vladimir Putin, Kofi Annan, and Benazir Bhutto, he possesses a deep understanding of national and international affairs. In the community, John serves as a Senior Fellow at the Munk School of Global Affairs, C.D. ‎Howe Institute and is a member of the advisory council for both the Wilson Center’s Canada Institute and the Canadian International Council. John is the author of four books: Out of Poverty, Timbit Nation, and Mass Disruption: Thirty Years on the Front Lines of a Media Revolution and Planet Canada: How Our Expats Are Shaping the Future.

Kyle English

Senior Manager, Communications and Media Relations

Kyle English manages communications and media relations for RBC Economics and Thought Leadership. Before joining RBC, Kyle worked as a consultant at a Toronto-based public affairs agency, and he previously served in the Canadian Navy. Kyle holds a Master of Public Administration (MPA) and a Bachelor of Arts in Political Science, both from the Royal Military College of Canada.

Note: Please contact Kyle English with media inquiries for RBC Economics and Thought Leadership.

Michael Reid

Senior U.S. Economist

Mike is responsible for generating RBC’s U.S. economic outlook, providing commentary on macro indicators and producing written analysis around the economic backdrop. He travels frequently to meet with RBC clients to share his insights on the U.S. economy. His work has been cited in the Wall Street Journal, New York Times, Barron’s, and MarketWatch. Mike worked as an economist for over a decade prior to joining RBC in 2022. He worked as a senior economist at Oxford Economics and before that, he worked as an economist at the Bureau of Economic Analysis, where he helped produce Personal Income and GDP estimates. Mike earned both his master’s and bachelor’s degrees in economics from Northeastern University in Boston.

Rachel Battaglia

Economist

Rachel Battaglia is an economist at RBC. She is a member of the Macro and Regional Analysis Group, providing analysis for the provincial macroeconomic outlook. She holds a Bachelor’s degree in Economics (honours) from the University of Western Ontario and a Master of Science from the Amsterdam School of Economics.

Rajeshni Naidu-Ghelani

Managing Editor, Economics

Rajeshni oversees editing of the Economics team’s reports, analysis and commentary, executing the team’s editorial strategy. She also handles social media strategy and production. Rajeshni joined RBC in January 2024 after more than a decade and a half in some of the world’s leading news organizations. She has worked as business journalist, reporter and editor at The Globe and Mail, CBC News and Bloomberg in Toronto and at BBC News and CNBC in Singapore. Her work has also appeared in Yahoo Finance and Business Insider.

Salim Zanzana

Economist

Salim Zanzana is an economist for RBC. He focuses on emerging macroeconomic themes, ranging from international trade to shifts in the long-term structural growth of Canada and other global economies. Salim holds a bachelor’s degree in Economics with a minor in Computer Science from McMaster University and a master’s degree in Financial Economics from Western University. He is also a CFA Charterholder.

Saranya Arun

Executive Assistant to SVP

Saranya joined RBC as a Business Application Specialist on the Mobile Classroom team in 2021. In 2024, she joined the RBC Economics Team as an Executive Assistant to the Chief economist.

Shiplu Talukder

Digital Publishing Specialist

Shiplu Talukder is a Digital Publishing Specialist at RBC Thought Leadership and Economics teams where he is responsible for web publishing, site improvement, and accessibility. With prior experience at Bell Canada as a Web Integrator, Shiplu has contributed to various projects aimed at enhancing the user experience of the Bell Canada website. Shiplu is a graduate of George Brown College, where he earned a diploma in Graphic Design, and Humber College, where he completed a diploma in Web Design, Development, and Maintenance. Before joining RBC, Shiplu has worked for various government organizations, where he held roles such as Creative Services Coordinator, Web Coordinator, and Video Editor.

Trinh Theresa Do

Director, Strategic Programs

Trinh Theresa Do (she goes by Theresa) is responsible for strategy development on the Thought Leadership & Economics team, with occasional forays into podcasting, research, and writing. Previously, she was a strategy advisor to senior management and executives at RBC’s Personal & Commercial Banking business. Prior to joining RBC, Theresa was a national political journalist at CBC News and co-founded a nonprofit that promoted civic engagement through technology innovation.

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