It will be some time before Canada sees a full economic recovery – Tiff Macklem

The Governor of the Bank of Canada (BoC), Tiff Macklem, said Tuesday that it will be some time before Canada sees a full recovery from the coronavirus crisis, as reported Reuters.

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“Canada can expect a solid rebound in the immediate coming months and be more confident of sustained strong growth during the second half of 2021 and into 2022.”

“We will not go back to the same economy that we had before the pandemic.”

“The factors point to an even longer recovery period as lost economic potential rebuilds.”

“With a full recovery still a long way off, monetary policy will need to provide stimulus for a considerable period.”

“Coming out of the second wave of COVID-19, vaccines now promise a more sustained recovery.”

“Once Canada achieves widespread vaccination, high-touch service industries should be able to move toward full operations, which will result in strong job growth.”

“We can expect a short-term recovery in employment now that the toughest COVID-19 restrictions have been lifted in most of the country.”

“It is likely that many Canadians will continue to work remotely, reducing the demand for office, transportation and restaurant space in the central hubs of major cities.”

“It is very likely that the pandemic has permanently advanced a trend towards e-commerce shopping; it is possible that many fewer retail workers will be needed in the store in the future.”

“Some lost jobs will not return and many low-wage jobs have a high potential to be automated.”

“Governments could help meet the challenges of the changing labor market by boosting access to child care to allow more women to join the workforce.”