Bank of Canada says goodbye to recession

The Bank of Canada has made it all but official - the Great Recession is over.

Bank Governor Mark Carney said yesterday Canada's economy will expand at an annual rate of 1.3 per cent in the July-September period.

That's a big improvement on the bank's forecast in April that output would drop by 1 per cent in the same period. By the final three months of the year, Carney said, the economy should be ticking along at a brisk 3-per-cent growth rate.

If that turns out to be true, it would mean the sharpest recession since the Second World War - a duration of just nine months.

More than 370,000 Canadian jobs have been lost since last fall.

Carney cautioned that the recovery depends on massive government spending and record-low interest rates. And he warned Canadians should not expect employment to bounce back right away.

 

Source: The Star

 

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