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November 7, 2009 - Canada won't change rebound projections: Carney

Canada won't change rebound projections: Carney

 
 
Governor Mark Carney said today there’s nothing in recent Canadian economic data that would change the “profile” of the Bank of Canada’s projections, even though they may suggest a “softer” recovery.

The sum of the data “suggests a somewhat softer third quarter, but again the profile of the recovery with growth strengthening into the fourth quarter and into 2010 I would say remains in place,” Mr. Carney said.

The comments come after reports over the past two weeks that showed employment unexpectedly fell in October, and the economy contracted in August.

Mr. Carney spoke to reporters following a meeting of finance ministers and central bankers from the Group of 20 nations in St. Andrews, Scotland.

“We’re at a turning point in the economic cycle, is our expectation, and the beginnings of the return to growth,” Mr. Carney said. “The data is going to be choppy.”

The bank forecast on Oct. 20 that the economy would grow at a 2% annualized pace in the third quarter, following a recession that began in the last quarter of 2008. The bank also forecast fourth-quarter growth at a 3.3% annualized pace.



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