In line with the Bank's outlook for the Canadian economy and its current assessment of risks, some modest further increase in the policy interest rate may be required to keep aggregate supply and demand in balance and inflation on target over the medium term.
According to the International Monetary Fund (IMF), the number of unemployed persons around the world jumped by more than 30 million, most of them from advanced economies.1 This is a striking figure, especially when we think of it as almost equal to the entire population of Canada.