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Posts Tagged ‘Recession

(ECONOMY) READ: Recession over, Bank of Canada says…

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www.cbc.ca_Bank of Canada governor Mark Carney said Canada is on track for an economic recovery._mark-carney-cbc090423Source: CBCnews.ca

The recession is over, the Bank of Canada said in its quarterly Monetary Policy Report released Thursday.

After shrinking since the last quarter of 2008, the Canadian economy will grow by an annualized rate of 1.3 per cent in the current quarter, the bank said.

Bank of Canada governor Mark Carney said Canada is on track for an economic recovery.Bank of Canada governor Mark Carney said Canada is on track for an economic recovery. (CBC)“We are on track for the recovery both in Canada and globally,” Bank of Canada governor Mark Carney told reporters.

However, unemployment will continue to rise, he said.

For many Canadians, “it’s not a recovery until they start getting their jobs back. And on that score, we could still be in for a long wait,” Avery Shenfeld, CIBC economist, said in a report published Thursday.

“Don’t break out the champagne yet,” said Patricia Croft, chief economist of RBC Global Asset Management.

The return to growth after three quarters of decline signals the end of the recession, defined as two consecutive quarters of shrinkage.

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. But that will begin to taper off to less than three per cent by the last half of 2011, the bank said. READ MORE

Written by dnnnewshound

September 4, 2009 at 2:20 pm

Posted in Economy

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(READ): ‘Recession Is Over’ In The UK…

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Source: SKY News

money2The UK recession is at an end with business confidence enjoying a record recovery, according to one trade body.

The Institute of Chartered Accountants in England and Wales (ICAEW) said optimism among professionals had moved to its highest level for two years.

The Business Confidence Monitor survey found “a remarkable upturn” in confidence in the banking sector while positive signs in the housing market have also helped boost optimism for property firms.

The IT sector was the most optimistic, followed by banking, finance and insurance firms.

Overall, the confidence measure jumped from minus 28.2 to 4.8, the largest quarterly improvement since the survey began in 2003. Read More

Written by dnnnewshound

August 24, 2009 at 9:40 am

Posted in Economics

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