In an appearance before the House of Commons finance committee, Bank of Canada governor Tiff Macklem indicated the forecasted recession for Canada is not expected to be as harsh as those experienced over the past few decades.

Macklem said the Bank of Canada (BOC) believes that Canada’s labour market will remain healthy going forward and that the ongoing recession won’t be as severe as the recessions in 2008, 1991 and 1981.

He also said that BOC does not expect to raise interest rates unless inflation does not drop as much as the bank is forecasting.

For more on Macklem’s comments, click the link for the Globe & Mail story.