Wednesday, July 15, 2015

BoC Lowers Lending Rate - Economy in Recession


This Huffpost article reports the Bank of Canada has cut it lending rate to 0.5% which suggests the Canadian economy is now in recession. Citing the impact of lower oil prices and lower than expected exports as reasons for it's lower outlook for growth.

The BoC forecasts a contraction in the second quarter at an annual pace of 0.5% compared with April forecast growth at a pace of 1.8%. This follows a first quarter contraction at the annual pace of 0.6% which had been predicted to be a flat quarter.



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