OTTAWA (Reuters) - Canada’s jobless rate will likely rise further even as the economy emerges from a recession, but may not hit double digit levels, Bank of Canada Governor Mark Carney said on Tuesday.
“Unemployment is likely to continue to rise,” Carney said in an interview with the Canadian Broadcasting Corporation.
“But it is not a foregone conclusions that it is going to go that high,” he said when asked if the unemployment rate would rise to double digit levels.
Carney said the duration of high unemployment in Canada would depend on how quickly businesses restructure to remain competitive in the post-crisis global economy.
Reporting by Louise Egan; Editing by Jeffrey Hodgson