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Carney predicts no Canadian recession

Published by Steve Coleman on August 19, 2011

Growth may happen at a snail's pace, but Bank of Canada Governor Mark Carney says Canada isn't recession bound in the second half of 2011.

While overall results were down for the Canadian economy during the second quarter, business investment, household spending and high commodity prices should make up the difference in the second half of the year.

Carney is warning, however, that Canadian consumers keep a close look on their own bottom lines and not get into debt over their heads.

While the interest rate for banks isn't expected to climb beyond the current one per cent this year, Carney warned people might want to make sure they can pay their bills later when the rate does eventually increase.

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