Bank of Canada Says COVID-19 Outbreak Set to Trigger Biggest Ever Near-Term Domestic Slump

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.