According to the Bank of Canada, economic activity is not expected to return to prepandemic levels until 2022 and interest rates will remain low for at least two years. It held its key overnight interest rate at 0.25 recently. Canada GDP is projected to fall 7.8 in 2020, then rise 5.1 in 2021, and reach pre-pandemic levels in early 2022. The central bank said that after initial improvement, Canada's economic growth will slow amid the effects of social distancing, subdued consumer and business confidence, and a slow rebound in foreign demand.
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