On Wednesday, the Bank of Canada reduced its target for the overnight rate to 3¾ percent, with the Bank Rate at 4 percent and the deposit rate at 3¾ percent.

Over the next two years, the global economy to expand at a rate of about 3 percent.

In Canada, the economy grew at around 2 percent in the first half of the year. Overall, the economy continues to be in excess supply.

Inflation has declined significantly from 2.7 percent in June to 1.6 percent in September.