The recession is over, but not the pain. Canada's central bank predicted Thursday that the economy would expand this quarter, suggesting the economic contraction lasted for about nine months, considerably shorter than the previous two recessions in the early 1990s and the early 1980s. The Bank of Canada's reassessment of the state of the economy is perhaps the clearest signal yet that the worst of the recession is over.
“There are still risks to the recovery,” Mr. Carney said. “The point we really want to underscore is that this recovery is the product of policy and where policy is.”
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