The Bank of Canada said fourth quarter growth is expected to ‘slow markedly, due in part to rising Covid-19 case numbers.’ — Reuters pic
In a statement, the central bank said fourth quarter growth is expected to “slow markedly, due in part to rising Covid-19 case numbers.” The central bank said a rebound in employment and gross domestic product was stronger than expected when lockdowns were lifted and the economy reopened through the summer.Going forward, the bank predicted growth would be “choppy” and demand would be influenced by “the evolution of the virus and its impact on consumer and business confidence.”Macklem said the bank's projections hinge on a Covid-19 vaccine becoming widely available only in mid-2022.
Globally, rapid expansion as economies reopened has given way to slower growth, with rising Covid-19 infections weighing on the economic outlook in many countries.
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