Bank of Canada: "THE RECESSION IS OVER"
CBCNEWS.CA -- The recession is over, the Bank of Canada said in its quarterly Monetary Policy Report released Thursday. After shrinking since the last quarter of 2008, the Canadian economy will grow by an annualized rate of 1.3% in the current quarter, the bank said.
"We are on track for the recovery both in Canada and globally," Bank of Canada governor Mark Carney told reporters.
The return to growth after three quarters of decline signals the end of the recession, defined as two consecutive quarters of shrinkage.
Growth will accelerate through late 2009 and by the first half of 2010, the Canadian economy will be booming along with 4% growth. But that will begin to taper off to less than 3% by the last half of 2011, the bank said.