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Canada’s central banks says recession over

Canada’s central bank is declaring the recession essentially over, saying the Canadian economy will begin growing this summer after nine months of stagnation and lead most of the industrialised world next year.

india Updated: Jul 24, 2009 10:52 IST

Canada’s central bank is declaring the recession essentially over, saying the Canadian economy will begin growing this summer after nine months of stagnation and lead most of the industrialised world next year.

Bank of Canada Governor Mark Carney said yesterday the economy will grow this quarter.

The bank has dropped its April call for 1 per cent contraction this quarter and now says the economy will instead expand by 1.3 per cent annualized.

That will be followed by a 3 per cent advance in the last three months of this year, and 3 per cent growth next year.

But Carney says the economy remains dependent on government stimulus and his own conditional pledge to keep the interest rates at an historic low of 0.25 per cent until mid-2010.