CANADIAN IMMIGRATION NEWS

Recession over in Canada

Tuesday, 28 July 2009

The Recession is over according to an official statement by the Bank of Canada.

Bank Governor Mark Carney said Canada's economy will expand at an annual rate of 1.3 per cent in the July-September 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 this turns out to be true, it would mean the sharpest recession since the Second World War – a duration of just nine months.

As a note of caution, although Canadians are warned not to expect employment to bounce back right away, Mr. Carney stated that the recovery depends on massive government spending and record-low interest rates.

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