Bank of Canada: Recession is over

Quarterly report predicts return to growth. But unemployment will continue to rise.

The recession is over, according to the Bank of Canada. In its quarterly report, the Bank of Canada predicted that the economy would bounce back from the shrinkage it has seen since the last quarter of 2008, growing by annualized rates of 1.3 per cent in the July to September period, and three per cent in the fourth quarter. The news however wasn’t all rosy: the report says the up-tick in unemployment will continue.