OTTAWA – The Bank of Canada has called an end to the recession in its latest quarterly Monetary Policy Report. After shrinking in the last three quarters, the report suggests the Canadian economy will grow by an annualized rate of 1.3 per cent in the current quarter. That being said, unemployment is expected to continue to rise for some time to come.
"We are on track for the recovery both in Canada and globally," said Bank of Canada governor, Mark Carney.
The report goes on to predict growth will accelerate through late 2009 and the first half of 2010, eventually reaching a growth pace of four per cent, before slowing down to less than three per cent by the last half of 2011.
