Comments from Lynn Patterson, Bank of Canada Deputy Governor
- Core and total inflation will converge to 2 pct as output gap closes by mid-2017
- Growth in Canada is picking up above potential starting in second-half of 2015, led by non-energy exports and investment
- Canada is adjusting to oil, commodity price decline with lower borrowing rates, lower CAD
- Oil shock was most intense in first half of year, compounded by temporary factors
- US recovery gaining traction, boosting Canadian exports
- Global economy is weaker in 2015 but will rebound in 2016, 2017
- Real GDP to grow by just over 1 pct this year, rising to 2 pct in 2016, 2-1/2 pct in 2017
Headlines via Reuters
more to come