101.7 FM
88.1HD2
airing nowConnect FM 91.5 Vancouver
airing now
8.85 c|
8.85 cEdmonton
airing now101.7 FM
88.1HD2
Near-zero interest rates likely until 2023: Bank of Canada
BY , Oct 28, 2020 4:29 PM - REPORT AN ERROR
A file image of the Bank of Canada headquarters/ The Canadian Press
Bank of Canada governor Tiff Macklem says it will take quite some time for the economy to fully recover from the COVID-19 pandemic.
In its latest economic outlook, the bank says a rapid expansion as the Canadian and global economies re-opened has given way to slower growth.
It says Canada's economy won't fully recover what was lost to COVID-19 until 2022 and Macklem says the the path will be uneven over time and across sectors.
The economy is forecast to contract by 5.7 per cent this year but grow by 4.2 per cent next year and 3.7 per cent in 2022.
The outlook was issued as the bank kept its overnight rate target at 0.25 per cent.
Share on
Related News
Sign up for the newsletter
We'll deliver best of entertainment right into your inboxWe love to hear from our listeners, so feel free to send us message
Message us on whatsapp
