The Bank of Canada provided an update on the country's economic outlook on Wednesday.

Bank of Canada Governor Tiff Macklem stated that the COVID-19 pandemic has created an "unprecedented fall in economic activity" and Canada is facing "many uncertainties" due to the pandemic.

He said they cannot forecast with the usual degree of accuracy, but instead provided a "central economic scenario" for the country going forward.
Macklem also said that interest rates will "remain low for a long time" due to a historic drop in economic activity caused by the COVID-19 pandemic.

The Bank of Canada is projecting the pandemic will continue to impact the Canadian economy until at least the middle of 2022.

MORE: https://globalnews.ca/news/7178381/bank-of-canada-interest-rate-update-coronavirus/

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