The coronavirus pandemic's economic impact on Canada will be broader and more challenging than the 2008-09 financial crisis, with the recovery likely to take longer than expected, chief executives of the country's two major banks said on Wednesday.
TORONTO - The coronavirus pandemic’s economic impact on Canada will be broader and more challenging than the 2008-09 financial crisis, with the recovery likely to take longer than expected, chief executives of the country’s two major banks said on Wednesday.
“We’re facing an economic shock and contagion like we’ve never seen,” he said, adding “significant” fiscal stimulus will help ease the impact. While the government assistance measures may appear to be taking longer than ideal, they have come together, “very, very quickly,” given the unprecedented nature of the crisis, Victor Dodig, CEO of Canadian Imperial Bank of Commerce , said in an interview following its investor meeting.
Both banks said they have sufficient capital and liquidity to weather the crisis, and currently have no plans to change their dividend policies.
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