COVID-19 infections dampen near-term growth, Bank of Canada Governor Tiff Macklem said on Tuesday.Macklem, speaking with reporters after a speech, said that while the arrival of effective vaccines had created more clarity around when the pandemic will end, the worsening second wave was putting a “chop” in the recovery.“Near-term, the situation is clearly looking more difficult, Infections are spreading,” he said. “We do expect that that’s going to weigh on growth in the first quarter … the first quarter could even go negative.” Bank of Canada keeps key rate on hold, warns 2021 will have bumpy economic start He later said recent momentum will likely mean economic growth in the fourth quarter above the 1 per cent forecast by the central.