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The Bank projects the Canadian economy will grow by 2.4 per cent in 2012 and 2013 before moderating to 2.2 per cent in 2014. The economy is now expected to return to full capacity in the first half of 2013.

The results of the spring survey point to more optimism among firms than in the winter survey, as some of the uncertainty dampening the economic outlook has dissipated.

The survey results point to an overall easing in business-lending conditions during the first quarter of 2012, following virtually unchanged lending conditions in the last quarter of 2011.

2011 was a challenging year for the global economy. Amid global turbulence, Canada’s macroeconomic policy framework has stood us well. The 2011 Annual Report provides a Message from the Governor, highlights key achievements over the year, describes the Bank’s corporate governance, and presents financial statements in conjunction with Management’s Discussion and Analysis.