Canada's Carney says Canada at risk of recession

Wed Nov 19, 2008 12:39pm EST
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LONDON (Reuters) - Canada is at risk of entering a recession in 2009, with recovery coming in the second half of that year, the country's bank governor Mark Carney said on Wednesday.

"We expect a negative quarter at the end of 2008. We will have very marginal growth at the start of 2009," he said.

"Starting from flat growth in the first quarter of 2009 and the second quarter of 2009 ... recession is a possibility for Canada. We do see growth picking up for the second half of 2009," he added at a news conference in London.

"We are going to see a global recession. We are in a consumer recession in the United States," he said.

(Reporting by David Milliken)