Industry News

27/10/2009 - The Canadian economy - as well as the global economy - has entered into the recovery stage, as consumer confidence, household wealth and the credit market have all shown improvements, said Bank of Canada governor Mark Carney in a speech on Monday.

Speaking at the Rendez-vous event hosted by the Autorite des marches financiers (AMF) in Montreal, Carney highlighted the results of the recent Bank of Canada forecast projecting 3 percent growth for the Canadian economy in 2010 and 3.3 percent growth in 2011.

He also noted that the return to growth is largely driven by the monetary and fiscal stimulus, improving financial conditions, increased household wealth, higher commodity prices, and stronger business and consumer confidence.

In addition, the credit market seems to be getting back on track - "nderwriting fees have recovered along with the capital markets; and there are very early signs that an appetite for mergers and acquisitions has returned," he said. "Banks are once again being compensated for their basic businesses of providing liquidity and credit."

As the credit market regains its health along with consumer and business spending, merchants should be prepared to see an uptick in credit card processing activity. As a result, businesses are advised to ensure that all payment processing equipment is in updated and working order, so they can get the most out of the return to spending.