Bank of Canada says recovery from pandemic at a very difficult stage

OTTAWA, Dec 15 (Reuters) – Canada’s recovery from the pandemic is at a very difficult stage and a second wave of COVID-19 infections “could even deepen the economic hole”, Bank of Canada Governor Tiff Macklem said on Tuesday.

Macklem told the Greater Vancouver Board of Trade that Canada had to boost both exports and productivity to ensure the recovery from the coronavirus pandemic was sustainable.

“The economic recovery from the pandemic is at a very difficult stage. Near term, rising COVID-19 infections will dampen growth and could even deepen our economic hole,” he said.

“Uncertainty is elevated, and the recovery is going to be long and choppy.”

Macklem also expressed concern about the strengthening Canadian dollar, which he said was hurting Canada’s exports in the crucial U.S. market.

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