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BOC: 2009 will be difficult year for Canadian economy

By   || February 23, 2009 at 14:01 GMT
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Bank of Canada deputy governor Jenkins says the outlook for the global economy has deteriorated recently and that 2009 will be a difficult year for Canada’s economy. The official feels that economic projections are subject to unusually high degree of uncertainty. The bank currently sees growth dropping real 1.2% in 2009 on average annual basis and then rebounding 3.8% in 2010.

The BOC repeats that recovery to be supported by past C$ depreciation and by timely monetary/fiscal policy. The deputy governor feels World policymakers have acted aggressively and creatively to combat the economic crisis, but that the task is far from complete.

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