OTTAWA—The Bank of Canada moved to put a halt to growing speculation about a recession yesterday, saying the country’s considerable strengths will buffer the economy from the current “shocks.”
Governor Mark Carney and senior deputy governor Paul Jenkins both strongly suggested that fears of a recession were being overblown following Wednesday’s Statistics Canada report that showed the economy contracted by 0.2 percent in February.
“There needs to be a lot of perspective here,” Carney said.