Interesting announcement from the Bank of Canada yesterday: apparently the recession is over. At least in Canada. Technically.
In their latest Monetary Policy Report, released yesterday, the BoC predicts that the Canadian economy will grow by a rate of 1.3% in the current quarter. CBC reports that “Growth will accelerate through late 2009 and by the first half of 2010, the Canadian economy will be booming along with four per cent growth”, according to the bank.
So what does this mean for the average Canadian? I don’t think we’ll see the effects of a recovery until well into 2010. Unemployment rates will continue to rise into next year, and as long as the United States is in a recession, Canada’s recovery will be extremely limited. But, I think that this announcement will help boost consumer confidence and hopefully increase consumer spending, which will obviously help boost the economy. But, to me, the recession still ain’t over yet.
