- BoC's governor Macklem: The pandemic is reducing investment and is likely to cause long-lasting damage to jobs
Market news
28 October 2020
BoC's governor Macklem: The pandemic is reducing investment and is likely to cause long-lasting damage to jobs
- CAD stronger than assumed in July despite low oil prices
- BoC will keep providing stimulus to support economy through recovery
- We are still more than 700,000 jobs below pre-pandemic; peak job losses in 2009 recession were about 425,000
- Purchases of longer-term bonds are more effective
- The very rapid phase of the reopening phase is over
- Some parts of economy will simply be unable to completely reopen until coronavirus vaccine is widely available
- We expect Q4 growth to be just barely positive
- We've marked down growth potential to 1% out to 2023
- We see the risks are forecasts to be roughly balanced but we're particularly focused on downside risks
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