Canada reached a grim milestone in early April, passing one million cumulative cases of COVID-19 infections. More than 8,760 new cases are being reported each day as this latest surge of infections closes in on the levels of the post-holiday second wave.
If the current breakout is not quickly contained, it will put at risk the consensus 5.9% Canadian forecast for economic growth this year. This is why we think some of the talk around fiscal austerity and the normalization of Bank of Canada monetary policy is entirely premature.
As of April 18, more than 1.12 million cases of COVID-19 infections have been reported and more than 23,600 Canadians have died since the coronavirus spread to Canada 13 months ago, according to the latest data from Worldometer. The increase in cases is resulting in a lagged uptrend in deaths, which are now occurring at a rate of 44 per day on average.
The increase comes as vaccines continue to be distributed. Data compiled by CTV shows that Canada has the third-highest vaccination rate among the G8 nations, with nearly 24% of its population receiving at least one dose of a vaccine. The United States is second with 38% vaccinated and the U.K. is first with 49% receiving at least one dose.
For more information on how the coronavirus pandemic is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.