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The asymmetrical effects of COVID-19 on other sectors and others in the economy: Tiff Macklem, governor of the Bank of Canada, speaks through a video convention to the Canadian Chamber of Commerce. (12:30 p. m. (East Time) approximately)
These forecasts are for the Governing Council in preparation for financial policy decisions and are published once a year with a five-year gap.
The Canadian economy experienced the biggest decline in last spring. Although this severe recession has been felt across the country, some companies and others have suffered more than others.
The uneven effects for some would possibly lead to poorer effects for all. Therefore, even if financial policy cannot target fast sectors, it is vital for us to perceive the asymmetrical effects of this recession and to make policy decisions that promote sustainable and widespread growth.
The more powerful, more sustainable and inclusive the Array, the more opportunities for everyone. And the more opportunities for all, the more powerful and more sustainable growth will be. “
The Governing Council will restrict the policy interest rate to an effective decline until the economic recession is absorbed, so that the inflation target is sustainably met.