COVID-19 to leave some lasting economic damage, Bank of Canada chief says cdnpoli
Bank of Canada Governor Tiff Macklem takes part in a photo-opportunity at the Bank of Canada in Ottawa on June 22, 2020. OTTAWA -- Canada's top central banker says there will be long-term economic damage from the COVID-19 pandemic as the country charts a "prolonged and bumpy" course to recovery.
He said ongoing physical distancing rules may mean workplaces can't be as productive as they once were, adding that many services will remain difficult to deliver. Macklem said the COVID-19 pandemic has created an economic shock unlike anything seen in our lifetimes. Entire sectors of the economy have shuttered, more than three million people lost their jobs through April and even more had their hours slashed.
Such purchases, known as quantitative easing, also send a signal that the bank's key rate "is likely to remain low for a long period," he said. The basket of goods used to form the index has been shaken by a shift in consumer spending habits during the pandemic. People are spending less on gasoline, which usually receives a heavier weight in calculating inflation, as its price has plunged and the frequency of car travel has dropped. Spending is also down on travel, while grocery spending is up.
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