Bank of Canada downgrades medium term growth forecast
The Bank of Canada's Monetary Policy Report for October, published Wednesday, revised the country's growth path forecasts downwards as a result of the slower global recovery and weaker-than-anticipated demand.
The central bank said it expected the economic recovery to be slower than it had predicted in its July Monetary Policy Report. It now forecasts growth of 3% in 2010 and 2.3% in 2011 now expected, compared with 3.5% in 2010 and 2.9% in 2011 in July. The report contained the central bank's
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