Bank of Canada set to detail impact of COVID-19, outlook for economy

Canada's central bank will make an announcement today on its key interest rate and detail the impact of COVID-19 on the national economy.
The bank has slashed its trend-setting interest rate since the beginning of March, including two unscheduled cuts as an emergency move against the pandemic's economic fallout.
There is a general expectation among economists that the Bank of Canada will keep the target "overnight rate" at 0.25 per cent.
At the same time, the central bank will also release its view of the economic impact from COVID-19 and outlook for the domestic economy a day after the International Monetary Fund predicted Canada's economy to contract by 6.2 per cent this year.
Statistics Canada will also release GDP figures for March and the first quarter of the year.
The national statistics office says the "nowcast" figures will provide a first estimate of the economic impact of COVID-19.
This report by The Canadian Press was first published April 15, 2020.
Related
- Bank of Canada governor Stephen Poloz set to speak on economy after rate cut
- COVID-19 concerns up odds Bank of Canada will cut interest rates, economists say
- Bank of Canada pumps $7B, expands bond buy-backs to ease economic concerns
- Bank of Canada Raises Interest Rates Again
- Bank of Canada unexpectedly drops key rate
Trending
- Police searching for missing 13-year-old girl last seen driving a car in Mississauga
- Mass COVID-19 vaccination clinic opens in Mississauga
- Pearson Airport in Mississauga welcome 19 international and 13 domestic flights with COVID-19
- Construction coming to busy GO Station and street to make way for Hurontario LRT in Mississauga
- Stolen puppy returned to owner in Milton, truck remains stolen
Your Comments