Diverse hires, companies needed for economic recovery from pandemic, Macklem says

OTTAWA — The governor of the Bank of Canada says the country won’t fully heal from the economic wounds of COVID-19 until it addresses the uneven impact the pandemic has had on certain sectors and workers.

TIff Macklem says creating an inclusive economic recovery may not just get the country back to where it was pre-pandemic, but maybe bring it to a better place for all.

To do that, he suggests companies focus on hiring those hardest hit through the pandemic like women, Indigenous people, racialized Canadians and people living with a disability.

Macklem says in a speech today that drawing those workers into the labour market can help companies make better decisions and boost the economy’s potential output through a cycle of more income followed by demand for goods and services.

But he also says in the speech to universities in Atlantic Canada that the central bank has to do its part as well, noting the need to improve diversity at the senior ranks of the organization.

Macklem adds the central bank will take a look at its bond-buying programs and drop to its key policy rate to see if they have created inequalities across the country.

This report by The Canadian Press was first published May 13, 2021.

The Canadian Press