UPDATE 1-Bank of Canada sees encouraging economic scene despite forecasts

Sat Oct 10, 2015 6:28pm EDT
 
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(Adds remarks about global, U.S., emerging economies; Canadian housing market)

By Randall Palmer

LIMA Oct 10 (Reuters) - Bank of Canada Governor Stephen Poloz painted a reasonably cheery picture on Saturday of the Canadian and global economic outlook despite some downgraded forecasts and concerns about China.

He said it was "maybe an overstatement" to characterize as gloomy the forecasts by the International Monetary Fund (IMF) and the talk about them at the annual meetings in Peru of the IMF and the World Bank.

And in Canada, he described confidence needed for business investment as building.

"As we said in July, certain elements of that appear to be coming together in the Canadian economy," he told three Canadian reporters attending the IMF meetings.

He made his remarks shortly before the start of the central bank's self-imposed blackout period for communications ahead of the Oct 21 release of its interest rate decision and quarterly Monetary Policy Report.

Poloz did not update the central bank's forecasts on Saturday but appeared sanguine about prospects both in his country and around the world.

"There are enough things that are on track that it still remains an encouraging global picture," he said.   Continued...