The Bank of Canada said on Wednesday, that the COVID-19 outbreak was set to trigger the biggest ever near-term domestic slump, but at the same time expressed optimism that the economy might be able to start reopening by June. Bank of Canada Governor Stephen Poloz said in a new conference “The Canadian economy is experiencing a significant and rapid contraction. In the very near-term, policy-makers can do little more than cushion the blow.” Statistics Canada said in a flash forecast, also released on Wednesday, that Canada’s economy shrank a record <-9%> in March from February, and probably declined <-2.6%> in the first quarter.
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Bank of Canada says coronavirus to trigger huge slump as death toll tops 1,000