Bank of Canada downplays recent technical recession data
Senior Deputy Governor Carolyn Rogers told a parliamentary committee that the bank views recent GDP declines with caution. While two quarters of contraction met a technical definition of recession, April estimates suggest the economy is likely rebounding.
Xurve View
Xurve View
The Bank of Canada cautioned against overinterpreting GDP data that showed two consecutive quarters of annualized contraction. Senior Deputy Governor Carolyn Rogers told a parliamentary committee on Monday that a single indicator does not define the economic outlook. The clarification follows data meeting the technical definition of a recession despite signs of an immediate recovery.
