The head of the International Monetary Fund says that the global economy has started on a long climb to stronger growth with prospects looking a little better than four months ago. IMF Managing Director Kristalina Georgieva said Tuesday that global economic activity suffered an unprecedented fall in the spring when 85 per cent of the […]
The second-in-command at the Bank of Canada said Wednesday that any changes to the underpinning of its monetary policy will be judged against how they affect the distribution of income and wealth in this country. Senior deputy governor Carolyn Wilkins said the various frameworks the bank is considering are also being tested for how they […]
Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future. That faltering economy, pressured by a resurgence of the […]
The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9 per cent this year, significantly worse than the three per cent drop it […]
The economy appears to have avoided a worst-case scenario due to the coronavirus pandemic, the Bank of Canada said Wednesday as it kept its key interest rate steady at its lower bound. The bank left its target for the overnight rate unchanged at 0.25 per cent, which it has said is as low as it […]
Devastated by the coronavirus, the U.S. economy is sinking. And the plunge is accelerating. Now, as some businesses in a few states start to trickle back to work, hopes are beginning to arise that the economy, damaged as it is, might be poised to rebound by the second half of the year. If more employees […]