Bank of Canada Says COVID-19 Economic Recovery Likely by 2022

The Bank of Canada building is seen in Ottawa, Canada, on April 15, 2020. The Canadian Press/Adrian Wyld

OTTAWA—The Bank of Canada kept its key interest rate on hold Wednesday as it said the country’s economy won’t fully recover what was lost to COVID-19 until 2022, with the road to there dependent on the path of the pandemic.

In July, the Bank of Canada said it believed the country had been spared from a worst-case scenario.