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Rising interest rates are helping to ease price pressures in Canada and inflation is easing; Progress toward the 2-cents-for-penny target has been slow. The Bank expects inflation to remain around 31/2 percent until mid-2024, returning to target in 2025.
Financial Stability Update: Senior Lieutenant Governor Carolyn Rogers speaks with Advocis Vancouver (12:00 p. m. m. , Eastern Time) approximately).
These forecasts are presented to the Governing Council in preparation for financial policy decisions and are published once a year with a five-year delay.
Sectors that rely on social interactions, non-essential spending, and foreign sales have been hit hard by COVID-19 (Exhibit 1).
Women have been disproportionately affected by COVID-19 due to their greater representation in sectors hit hard by lockdown measures. They are also more likely to revel in the lack of child care due to the closure of schools and daycares.
Alternatively, the data is available for download at:
The pandemic affected other regions and provinces, as the number of cases and lockdown measures vary across the country. The short-term and long-term effects on the provinces would possibly differ depending on 3 factors:
Aggressive policy measures through the Bank of Canada, governments, and others supported household incomes and helped businesses stay afloat during the lockdown era (Figure 1). This laid the groundwork for an eventual recovery.
The financial market situation has improved significantly and credit continues to be extended to households and businesses when they need it most. These measures will ensure that the monetary formula works smoothly for the emerging recovery and help us achieve Canada’s 2% inflation target.
Once anti-virus measures are eased, household spending and economic activity will begin to recover (Figure 2). We are already seeing emerging employment levels and an increasing number of Canadians looking for work. But a full return to pre-COVID-19 levels. employment and production is probably still a long way off.
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