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Recession is Over: Bank of Canada

Ally

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Canada`s first recession in nearly 20 years has come to an end, according to the Bank of Canada, with the economy set to return to growth in the coming months as business and consumer confidence improves.

Canada`s economic downturn, which had been ongoing for three-quarters of a year, is giving way to renewed growth in the current quarter as a result of improved credit markets and higher levels of consumer confidence, the central bank said in its monetary policy report on Thursday.

"We believe the economy will grow this quarter," bank governor Mark Carney told reporters at a media conference Thursday. "The rate of growth will pick up to the end of the year and into 2010."

The Bank of Canada`s latest forecast is for economic growth of 1.3% for the current quarter ending Sept. 30, followed by a healthy 3% gain for the final three months of 2009.

In its previous forecast in April, the Bank of Canada anticipated the economy would shrink 1% in the current three-month period.

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