In a speech, BoC Governor Tiff Macklem said the economic recovery from the pandemic is “at a very difficult stage”. For the nears term, rising coronavirus infections will “dampen growth and could even deepen our economic hole” and uncertainty is “elevated”. The recovery is going to be “long and choppy”.
Nevertheless, he noted that “trade has bounced back faster than many economists had predicted” and are expected to be strong in 2021. News of vaccines also “puts a more certain timeline on the resurgence of global demand”. “As a country, we need to leverage the broad trade access we have and work with like-minded countries to foster a renewed spirit of open, rules-based trade that works for the 21st century.”
