Canadian economy to contract this year

Canadian GDP will decline by 1.2% in 2009 and rebound by 3.8% in 2010, according to the Bank of Canada's Monetary Policy Report Update.

The report also projects core inflation to ease through 2009 reaching a low of 1.1% and total CPI inflation to plunge below zero for two quarters of this year. Both core and total CPI inflation are expected to return to the 2% target by mid-2011.

Click here to read the report

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