Donald Trump is touting the economy amid his impeachment proceedings, but will the voters be swayed? Former Sen. Byron Dorgan discusses what he calls the economy engineered by former President Barack Obama, Mitch McConnell’s controversial statements on a possible Senate trial, and his book, ‘The Girl in the Photograph: The True Story of a Native American Child, Lost and Found in America.’
Bank of Canada keeps key interest rate on hold – CTV News
The Bank of Canada kept its key interest rate on hold Wednesday as it said the country’s economy won’t recoup the losses from COVID-19 until 2022, with the road to recovery dependent on the path of the pandemic.
In July, the Bank of Canada said it believed the country had been spared from a worst-case scenario.
The bank’s updated outlook in its monetary policy report said the rebound over the summer was stronger than expected as the country reversed about two-thirds of the decline seen in the first half of the year.
Officials estimate the economy will shrink by 5.7 per cent this year, but grow by 4.2 per cent next year, and 3.7 per cent in 2022, meaning gross domestic product won’t rebound to pre-pandemic levels for another two years.
In his opening remarks at a late-morning press conference, governor Tiff Macklem said it will take quite some time for the economy to fully recover from the COVID-19 pandemic, and the path will be “uneven across sectors and choppy over time.”
“We know the pandemic is reducing investment and is likely to cause long-lasting damage to some people’s job prospects. These forces will reduce Canada’s economic potential,” Macklem said.
The report forecasts annual inflation at 0.6 per cent this year, 1.0 per cent next year, and 1.7 per cent in 2022.
The bank held its overnight rate target at 0.25 per cent on Wednesday, which is where it will stay until the economy has recovered and inflation is back on target.
The bank also announced Wednesday that it intended to buy more longer-term bonds because those have a “more direct influence on the borrowing rates that are most important for households and businesses.”
James Laird, co-founder of Ratehub.ca said the outlook suggests low interest rates until at least 2023, which is the earliest the bank anticipates the economy would be able to handle higher rates.
The projections for growth and inflation mark a return to the bank’s usual practice of giving a longer view for the economy in its quarterly monetary policy report.
The report said the six months of experience with containment measures and support programs, as well as more information on medical developments like vaccines, has given the bank a better foundation to make a base-case forecast.
Underpinning the bank’s outlook are two major assumptions: That widespread lockdowns won’t be utilized again and that a vaccine or effective treatment will be widely available by mid-2022.
The country has recouped about two-thirds of the three million jobs lost in March and April. Emergency federal aid has replaced lost wages for millions of workers, and provided loans and wage subsidies to struggling businesses.
The recuperation from the drop earlier this year has been uneven, the report notes. The hardest hit sectors, such as restaurants, travel and accommodations, continue to lag.
Workers in those sectors, as well and youth and low-wage workers, continue to face high levels of unemployment, the report says.
All may be hit hard again by any new rounds of restrictions, the report notes. Some areas of the country have already imposed such public health restrictions in the face of rising COVID-19 case counts.
“The breadth and intensity of re-imposed containment measures, including impacts on schools and the availability of child care, could lead to setbacks,” the report says.
“Long breaks in employment have the potential for longer-term impacts on the income prospects of vulnerable groups.”
The report said government aid has played a key role in providing a financial lifeline to individuals and businesses.
Changes to employment insurance and new benefit programs will increase households’ disposable income, officials write, adding that the bank expects government aid to “provide important support to the economy throughout the recovery.
This report by The Canadian Press was first published Oct. 28, 2020
Canadian economy won’t fully recover from COVID-19 until 2022: Bank of Canada
The central bank expects a smaller economic contraction in Canada in 2020, as compared with its July update, followed by slower than previously forecast economic growth in 2021. It did not change its growth outlook for 2022, with economic activity set to return to pre-pandemic levels at the start of that year.
The Bank noted its projections assume new outbreaks will be managed by local and targeted containment measures but said the impacts could be more severe than anticipated.
“There is a serious risk, however, that broader or more intensive restrictions could be required,” it said in its quarterly Monetary Policy Report.
The bank also said it did not expect the output gap to close until 2023. It forecast overall inflation to remain below its 2 per cent target through 2022.
Source: – Global News
Coronavirus stimulus checks: How payments helped the economy — Yahoo U – Yahoo Canada Finance
Insights on the Soil Stabilization Materials Global Market to 2027 – Featuring AggreBind, Altacrete and Caterpillar Among Others
Dublin, Oct. 28, 2020 (GLOBE NEWSWIRE) — The “Soil Stabilization Materials – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering. The publisher brings years of research experience to the 9th edition of this report. The 373-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed. Global Soil Stabilization Materials Market to Reach $29.1 Billion by 2027 Amid the COVID-19 crisis, the global market for Soil Stabilization Materials estimated at US$23.4 Billion in the year 2020, is projected to reach a revised size of US$29.1 Billion by 2027, growing at a CAGR of 3.2% over the period 2020-2027. Mechanical, one of the segments analyzed in the report, is projected to record 2.7% CAGR and reach US$17.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Chemical segment is readjusted to a revised 4% CAGR for the next 7-year period. The U.S. Market is Estimated at $6.3 Billion, While China is Forecast to Grow at 5.9% CAGR The Soil Stabilization Materials market in the U.S. is estimated at US$6.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$6 Billion by the year 2027 trailing a CAGR of 5.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.9% and 2.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR. Competitors identified in this market include, among others: * AB Volvo * AggreBind Inc. * Altacrete * Carmeuse Group SA * Caterpillar, Inc. * Fayat Group * Global Road Technology International Ltd. * Graymont Ltd. * Irridan USA * SNF Holding Company * Soilworks, LLC. * WIRTGEN GROUPKey Topics Covered: I. INTRODUCTION, METHODOLOGY & REPORT SCOPE II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW * Global Competitor Market Shares * Soil Stabilization Competitor Market Share Scenario Worldwide (in %): 2019 & 2025 * Impact of Covid-19 and a Looming Global Recession2. FOCUS ON SELECT PLAYERS 3. MARKET TRENDS & DRIVERS 4. GLOBAL MARKET PERSPECTIVE III. MARKET ANALYSIS IV. COMPETITION * Total Companies Profiled: 43For more information about this report visit https://www.researchandmarkets.com/r/a1e1jsResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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