Coronavirus: Bank of Canada Governor says COVID-19 created ‘unprecedented fall in economic activity’

The Governor of the Bank of Canada Tiff Macklem provided an update on Canada’s economic outlook on Wednesday, sharing his belief that the COVID-19 pandemic has created an “unprecedented fall in economic activity in Canada.” Macklem says Canada is facing “many uncertainties” due to the pandemic and that they cannot forecast with the usual degree of accuracy, but instead provided a “central economic scenario” for the country going forward.

• Bank of Canada keeps key rate at 0.25%, sees ‘slow and choppy’ recovery ahead
• Annual inflation rate virtually flat in July at 0.1%