Canada sees more modest recovery

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The Bank of Canada on Tuesday downgraded its growth forecasts and warned that the output gap will remain open for longer than previously thought.

The central bank said it now expected the Canadian economy to shrink by 2.4% this year, down from the 2.3% contraction forecast in July. Growth forecasts for 2010 remained unchanged but expectations for the 2011 figure fell from 3.5% to 3.3%.

The central bank acknowledged that this was "a somewhat more modest recovery than the average of previous econo

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