The Canadian economy was in a solid position ahead of the COVID-19 outbreak, however the Government has been quick to respond and execute with decisive policy action to support all including individuals and business

So how do these measures help the Canadian economy?

What the central bank is working on is to establish very solid conditions for the recovery period so that when the recovery does start, the economy will have the best momentum that the central bank can give it.

The Bank of Canada (BoC) announced yesterday that it will be holding the overnight rate at 0.25% with no plans to go lower any further despite the uncertain environment.

The central bank has taken this step in its continued effort to do everything it can to keep money flowing smoothly and make sure those who want to lend and borrow can do so. But the speed and the quality of our economic recovery will depend largely on how governments shape their support for workers, businesses and households.

However, at the moment the top priority remains to be conquering the spread of the virus. #stayhome #staysafe