Canada's central bank chief, Mark Carney, predicted that the recession of 2009 will not last as long as previous recessions. The Bank of Canada Governor forcasted a decline of 1.2 per cent in Canada's economy in 2009, followed by an increase of
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The Bank of Canada lowered the overnight lending rate by .5 per cent to 1.0 per cent which is a total decrease of 3.5 per cent since December 2007. It is expected that the rate will lower even further after the next Bank of Canada announcement in March.
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