By Canadian Press

StatsCan to release GDP figures for March and first quarter of 2020

Apr 15, 2020 | 2:02 AM

OTTAWA — Canada’s central bank is to release its view of the effects of COVID-19 and its outlook for the domestic economy.

The Bank of Canada announcement today will come after the International Monetary Fund predicted Tuesday that the national economy will contract by 6.2 per cent this year.

Its report said heavy government spending in Canada and elsewhere to help households pay bills and businesses to stay afloat may need to be scaled up if the pandemic persists.

Statistics Canada is also to release gross domestic product figures for March and the first quarter of the year.

The national statistics office says the figures will provide a first estimate of the economic impact of COVID-19.

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On Saturday, the House of Commons approved a $73-billion wage subsidy program aimed at helping businesses and workers survive the economic ravages of the COVID-19 pandemic.

Some six million people had filed claims by Sunday night for a $2,000-a-month emergency benefit for help during the first four-week eligibility period.

Prime Minister Justin Trudeau has said the government is willing to send money to provinces that want to provide salary top-ups to help keep essential workers on the job and will soon announce help for people who are falling through the cracks of emergency aid programs.

The bank’s monetary policy report is also to be released along with a scheduled decision on its target overnight interest rate.

The central bank cut its key rate three times in March, two of those decisions being unscheduled announcements, to bring the rate from 1.75 per cent down to 0.25 per cent.

This report by The Canadian Press was first published April 15, 2020.

The Canadian Press