The Globe and Mail reports in its Thursday edition that the Bank of Canada will look to business and consumer-confidence indicators for guidance on how seriously the coronavirus is affecting Canada's economy, senior deputy governor Carolyn Wilkins said on Wednesday.
The Globe's David Parkinson writes that Ms. Wilkins said in an audience question-and-answer session in Toronto: "At the end of the day, what it comes down to for us is looking at the data to see what they point to in terms of confidence of business, the consumer, and what that means for growth and what that means for meeting our inflation target. We already said that we're looking at all those data. It just means that we're going to have to concentrate a bit more on it." The Globe notes that it Ms. Wilkins is widely considered the front-runner to succeed Stephen Poloz as governor when his term ends in June.
Economists have been scrambling to get a handle on the economic risk posed by the coronavirus.
They have done so amid fears the outbreak could upend a global economy already weakened by trade turmoil and geopolitical uncertainty.
Ms. Wilkins said experience has shown that outbreaks "can affect Canada, even if they're not happening in Canada."
© 2020 Canjex Publishing Ltd. All rights reserved.