This translation has been automatically generated and has not been verified for accuracy.The Bank of Canada made the extraordinary move of omitting eagerly awaited new economic projections from its quarterly Monetary Policy Report Wednesday, saying that forecasting can’t be done “with any degree of confidence” in light of the uncertainty surrounding the COVID-19 crisis.
In terms of a near-term forecast, the bank would only say that its “scenario analysis” indicates that real gross domestic product would be between 15 and 30 per cent lower in the second quarter than it was in the fourth quarter of 2019, after an estimated decline of 1 to 3 per cent in the first quarter, on a quarter-over-quarter basis.
However, if shutdowns in at least some parts of the economy were to persist for longer and if oil prices remained depressed, the result could be “long-lasting damage to the productive capacity of the Canadian economy, with scarring effects from persistent unemployment and firm destruction,” it said. The Bank of Canada has taken numerous steps in the past month to help support the floundering economy and provide liquidity and stability to misfiring credit markets. Most notably, it cut its key interest rate by a total of 1.5 percentage points, to a record-tying low of 0.
globebusiness Casualties from shutting down businesses and stay at home policy will be far more than covid19 casualties
globebusiness No shit Sherlock ...What a click bait headline.
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