Economic recovery is underway, says Bank of Canada. Click and read the full story.

The Canadian Central Bank says that "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system".The rosier tone comes a week after the Bank released two key surveys indicating businesses were the most optimistic about their future sales prospects in almost a decade, and that obtaining new loans had become less difficult.

The Central Bank said in its statement that it now projects that the economy will contract 2.3% in 2009, which is less than the 3% drop it expected in its last economic update in April 2009. The economy is then expected to grow 3% in 2010, up from its previous 2.5% projection. In 2011, the economy is set to expand 3.5%, which is down from its earlier call for a 4.7% gain.

Click the link and read the full article from the Vancouver Sun