Bank of Canada governor Tiff Macklem says the global economy has performed better than expected, though resilience is being tested by persistent shocks.
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Bank of Canada governor Tiff Macklem told reporters he believes the global economy has held up well through recent shocks, but that resilience is increasingly “under strain.”
Speaking from the sidelines of the International Monetary Fund meetings in Bangkok on Oct. 17, Macklem said performance has been better than expected despite ongoing wars in Iran and Ukraine and sweeping trade disruptions.
Macklem said shocks such as the Middle East conflict are persisting and contributing to higher energy prices.
He also said there are limits to how many times countries can release global oil reserves before they need replenishment.
The Bank of Canada will be looking at how domestic prices respond to global cost pressures when Statistics Canada releases its September inflation report on Monday.
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