20 October 2010 18:29 [Source: ICIS news]
The Bank of Canada said domestic housing activity was declining markedly from high levels as government policy stimulus measures had resulted in expenditures being brought forward into late 2009 and early 2010.
The bank also said that economic growth in
Following the expiry of the
However, export strength would be sensitive to currency movements, the bank said, adding that “heightened tensions” in international currency markets could make the global recovery more difficult.
The Canadian dollar reached parity with the US dollar last week before slipping slightly this week. On Wednesday, one US dollar bought Canadian dollar (C$) 1.02.
“The economic outlook for
“The economy is entering a period of more modest growth, following the robust expansion of domestic demand since mid-2009 that restored pre-crisis levels of output and employment,” it said.
For 2011 and 2012, the bank forecast growth rates of 2.3% and 2.6%, respectively. This compared with its earlier forecast of 2.9% growth for 2011 and 2.2% in 2012.
Earlier this week, the bank said it would leave its target for the overnight rate at 1%, after three hikes since June when
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