The recession is officially over. At least, that's what Canada's central bank is saying. About Canada.
In the Bank Of Canada's latest monetary policy report, it said that Canada's gross domestic product will grow at an annual rate of 1.3 percent this quarter, up from an earlier forecast of a 1 percent contraction.
According to the bank, much of the growth is attributed to higher-than-expected Canadian consumer and business confidence. Still, the bank says total recovery will be slow and fragile. The Canadian economy is still far too interlinked with the American one to completely recover until the U.S. does.
categories: Canada
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