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Statistics Canada’s latest economic data on Friday showed the country’s gross domestic product had slowed to an annualized rate of 0.3 per cent in the fourth quarter — its worst performance in almost four years, due to a combination of factors such as strikes, bad weather and shutdowns.

Meanwhile, global markets continued their dizzying plunge for the fifth straight day in a row, as investor worried about the rising global infection rate and the widespread economic damage it could cause.

The S&P 500 plunged 11 per cent in the five days and the Dow Jones Industrial Average careened to the lowest since June, wiping out almost US$3 trillion in value from American equities.

The Toronto Stock Exchange, which closed early on Wednesday due to technical issues, started the day with a 500 point-plunge, or just more than three per cent, and ended the day down 2.72 per cent.

U.S. Treasuries surged, pushing yields on the 10- and 30-year notes to record lows during the period. U.S. crude plunged toward US$45 a barrel in its biggest weekly rout since 2008.

“The data doesn’t show this yet but with markets extrapolating what looked like a modest hit to global growth from the coronavirus into a full-fledged economic downturn, the Bank of Canada is likely to want to lean against any deterioration in confidence,” wrote Desjardins.

Scotiabank called on the central bank to cut rates immediately, saying that Canada’s current monetary policy has been “behind the curve”.