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- Bank of Canada Deputy Governor Lynn Patterson: the Canadian economy will need more than two years to recover
Bank of Canada Deputy Governor Lynn Patterson: the Canadian economy will need more than two years to recover
Bank of Canada (BoC) Deputy Governor Lynn Patterson said in a speech on Wednesday that the Canadian economy would need more than two years to recover from low commodity prices.
"Our best guess is that the full adjustment will take longer than two years, our normal forecast horizon," she said.
Patterson noted that households would likely restrain their spending and the consumption growth was expected to be lower due to lower real incomes.
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