OTTAWA, April 12 (Reuters) - The Bank of Canada on Wednesday increased its 2023 growth forecast to 1.4%, up from the 1.0% it predicted in January, and indicated it saw less risk of a recession this year.
In its quarterly Monetary Policy Report, the central bank also said inflation should drop quickly to around 3% by mid-2023 but would not hit the 2% target until the end of 2024. In January, it merely said inflation would fall to 2% in 2024.
"Quarterly growth is expected to be weak through the rest of the year. It then picks up gradually through 2024," it said.
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