OTTAWA, Ont. — Bank of Canada governor David Dodge told a Senate committee yesterday that the economy should by summer bounce back to a growth level of three to four per cent.
Dodge, being questioned by senators, said he’s not trying to gloss over any problems in Canada’s economic picture.
He explained to media after words that bank officials are performing a “complete reassessment” of the economy in preparing a monetary policy report due in early May.
“Our job at the bank is to tell the straight goods, to tell the story as best we see it,” said Dodge.
“Our view remains very strong, that by the time we get into the summer and fall that, indeed, we’re going to have reasonable levels of growth resume,” he added.
“Not the five per cent that we had seen last summer but something more consistent with our long-term capacity growth, that may be in the order of three or four per cent.”
Several uncertainties lie ahead, Dodge said. They include the performance of the U.S. economy, the country’s largest trading partner.