January 20, 2021, by Shelly Hagan
The Bank of Canada is adopting a positive tone on the outlook for the nationâ€™s economy, choosing to look past a weak start to 2021 as vaccine efforts accelerate.
Policy makers led by Governor Tiff Macklem said the economy remains on a two-year timeline to fully repair damage from the pandemic and doesnâ€™t currently need additional support, even amid a wave of new Covid-19 cases and lockdowns.
Macklem called the arrival of vaccines a â€œvery promising development,â€ one that will support exports and business investment as progress is made toward broad immunity in Canada and abroad. Widespread vaccination would also prove a boon for household consumption.
â€œIn sum, there is clear reason to be more optimistic about the direction of the economy over medium term,â€ Macklem told reporters after the decision. â€œBut we are not there yet. The resurgence in COVID-19 cases weighs heavily on the near-term economic outlook.â€
Bank of Canada Sees Strong Rebound Coming After Lockdowns
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