In a speech, BoC Governor Tiff Macklem said Canadians “have already climbed a long way back from the very deep economic hole we were in last spring”. Much of Canada emerging from the latest round of pandemic containment measures, “we expect a solid rebound in the immediate months ahead”.
But he also said “it will be some time before we see a complete economic recovery”. Economic slack won’t be fully absorbed until into 2023. “Even as it recovers, the economy is adapting to structural changes, and some workers will need to shift to jobs in faster-growing sectors”.
“This all points to an even more protracted recuperation period while the economic potential that was lost over the course of the pandemic is rebuilt,” he added.
