Uneven reopenings, the unknown course of consumer confidence, and unemployment rates will “likely inflict some lasting damage to demand and supply,” Canada’s top central banker said.
The combination of uneven reopenings across provinces and industries, the unknown course of consumer confidence, and unemployment rates will “likely inflict some lasting damage to demand and supply,” Macklem says in a speech today.
He says 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.The combination suggests the economy’s productive capacity will take a hit that will persist even as public health restrictions ease, Macklem says in a webcast speech to Canadian Clubs.
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