Tiff Macklem: Trading for a sustainable recovery

Remarks (delivered virtually) by Mr Tiff Macklem, Governor of the Bank of Canada, to the Greater Vancouver Board of Trade, Vancouver, British Columbia, 15 December 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

The year is coming to an end, and not a moment too soon. I'm sure most of us can't wait to turn the page on 2020 and COVID-19. The pandemic has touched everyone, and the hardship has been severe for many. Some of you have lost loved ones. Others have lost jobs or businesses. And we all miss our family and friends, especially at this time of year.

For months, we've wondered when we can get back to something approaching normal. I wish I could be in Vancouver delivering this speech in person and hearing about your concerns directly. Unfortunately, the time for face-to-face meetings has not yet come. But we can be together virtually, and I thank you for the invitation to speak with you today.

The recent positive news on vaccines provides some reassurance that more normal activities can resume sometime later next year. However, the path from here to there looks difficult. A second wave of COVID-19 is sweeping across much of the country, leading to renewed restrictions. These will weigh on economic growth early next year and increase the strain on Canadian families and businesses.