@article{Monetary:4017,
      recid = {4017},
      title = {Monetary Policy Report April 2003},
      address = {2003},
      pages = {1 online resource (29 pages)},
      abstract = {The global economic outlook has been clouded by a high  degree of uncertainty, accentuated most recently by the war  in Iraq. This uncertainty has been an important factor in  the recent marked volatility in world oil prices and  financial markets. Some of the geopolitical and financial  uncertainty has lifted more recently, and in its base-case  scenario the Bank of Canada assumes that these  uncertainties will continue to recede. As a result,  confidence among businesses, households, and financial  markets is expected to improve significantly by year-end.  Nevertheless, global economic uncertainty remains  important, especially in the near term. The Bank now  projects that economic expansion in both the United States  and Canada will begin to strengthen towards the end of this  year and will be above the growth of potential output  during 2004. The scope for above-potential growth is  greater in the United States than in Canada because of the  larger amount of excess capacity in the United States.  There is, however, a wide range of possible outcomes, both  stronger and weaker, around this base-case view. The result  will depend critically on the evolution of business and  household confidence and global economic uncertainty. The  Bank will, therefore, be paying close attention to these  factors over the coming months. Nevertheless, most  important in these times of uncertainty is the Bank’s  continued focus on taking the appropriate actions that,  cumulatively, will return inflation to our 2 per cent  target for inflation control.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/4017},
}