Canada facing ‘final act of the COVID recession,’ Freeland says
Freeland said the Bank of Canada will continue to step on the economic brakes as it works to try to bring down inflation, which has already resulted in a slowdown in economic activity.“I think we need to be collectively aware that is the challenge around the corner, and we just need to be prepared for that,” said Freeland.
“Canada really is in a terrific place when it comes to critical minerals and metals when it comes to green energy,” she said. “Democracies around the world are really really keen to buy this stuff from democratic allies and what I really want to say to Canadians is let’s see this opportunity clearly.
Policymakers at the central bank have drawn criticism in recent months for acting too late to raise the policy rate and take steam out of the economy.that inflation could have been limited if central banks and governments around the world had acted sooner to remove policies aimed at stimulating the economy through the COVID-19 pandemic.
The Bank of Canada now faces a narrowing window to hit a so-called “soft landing”, raising interest rates enough to tame inflation but not so much to push the economy into another recession.
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