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Wednesday, March 3, 2010

Bank of Canada Predicts Economy Growth in 2010 and 2011

After the Canadian Economy shrank by 2.9 percent in 2009, the Bank of Canada announce yesterday they predict the economy will grow by 2.9 percent in 2010 and 3.5 percent in 2011.

Why the change? The Canadian Economy grew at a strong 5 percent pace in the fourth quarter, as reported by Statistics Canada on Monday.

The Bank of Canada also reiterated it's commitment to hold rates steady until the middle of the year, and announced yesterday that it is keeping it's benchmark lending rate at a record low of 0.25 percent.

The Bank also acknowledges that recovery seems to be proceeding at a better pace than it had anticipated.

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