News

Global economic activity appears to be nearing its trough, and there are increasing signs that activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent.

From the initially careful references to data that suggested a slowing of the rate of decline in global activity, the use of the term "green shoots" has quickly evolved.

Despite the often discussed "green shoots" in the global economy, much hard work remains to be done before a recovery will take hold, Bank of Canada Governor Mark Carney said today.