January 22, 2009 / 4:40 PM / 9 years ago

Bank of Canada says recession will be shorter

OTTAWA (Reuters) - The Canadian recession will be shorter than previous recessions because monetary policy has already been “very stimulative”, Bank of Canada Governor Mark Carney said on Thursday.

The bank said it expects “substantial” stimulus to be contained in the federal budget, which will be presented on Tuesday, which will also help.

The biggest uncertainty in the central bank’s forecast is the pace of recovery in the global financial system, Carney told reporters after the Bank of Canada released its Monetary Policy Report on Thursday.

Reporting by Louise Egan; Writing by Ka Yan Ng; editing by Peter Galloway

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