Bank of Canada Governor Stephen Poloz didn’t actually use the ‘r-word’: recession. But his monetary policy report last Wednesday said it all the same, using numbers instead of words. By projecting that Canada’s economy shrank 0.5% in the second quarter of 2015 (following a similar decline in the first quarter), the Bank joins a growing list of others who have concluded that Canada’s economy is now in recession (traditionally defined as two consecutive quarters of negative growth).
