Macklem says it will be some time before Canada sees a full economic recovery

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

Additional comments:

“Canada can expect a solid rebound in the immediate coming months and have more confidence in a strong sustained growth during the second half of 2021 and until 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 while rebuilding lost economic potential. “

“A full recovery is still a long way off, monetary policy should 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 towards full operation, resulting in strong job growth“.

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

“It is likely that many Canadians continue to work remotely, reducing demand for office space, transportation, and restaurants in the central nuclei of the main cities “.

“It is very likely that the pandemic has led to a permanent trend towards e-commerce purchases; many may be needed fewer retail workers in stores in the future“.

“Some lost jobs won’t come back and many low-wage jobs have a high potential to be automated. “

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