There will be no recession, Bank of Canada Governor Tiff Macklem yesterday assured reporters. Macklem quickly modified his remarks to caution there could be a “technical recession” but not what most Canadians “think of when they think of a recession.”

“I don’t think we are in a recession,” said Macklem, adding: “Where we are headed, of course no one can know the future for certain.”

“What are we expecting? We are expecting low, positive growth,” said Macklem. “If you take the average of the last three quarters, growth’s been a little less than one percent. We’ll put out a new forecast in late October. I expect it will be something around the recent trend for the next few quarters before it picks up once again.”

“Is that a recession? No