OTTAWA - Canada is still not out of the woods yet on economic recovery, the Bank of
Canada said as it announced that its trend-setting overnight rate will remain at a record-low
0.25 per cent.
The central bank said the global economy is beginning to pull out of its severe slump. But it
said a return to normal economic growth hinges on financial pump-priming, low interest
rates and bank bailouts.
"The global economic recovery is under way, supported by continued improvements in
financial conditions and stronger domestic demand growth in many emerging-market
economies," Bank Governor Mark Carney said.
The next interest-rate setting will take place March 2.
Les Whittington, Ottawa Bureau