We saw that the Canadian and global economies are evolving largely in line with the scenario we laid out in July. After shrinking by just over 13 percent in the first half of the year, the Canadian economy has bounced back even more strongly in the reopening phase than we were expecting.
Employment has rebounded, although as I have reviewed in some detail, this rebound has been uneven. The economy is benefiting from considerable fiscal support to protect the most vulnerable, replace lost income and subsidize wages. The Bank of Canada has complemented this effort by keeping credit flowing and reducing borrowing costs.