*  *  *  Today, we published our Update to the April Monetary Policy Report, in which we discuss economic and financial trends in the context of Canada’s inflation-control strategy. Canada’s economic recovery, which began in the last quarter of 2001, gathered momentum in the first half of 2002.
Over the period to the end of 2003, the Bank projects continued solid economic expansion at an annual rate of 3 to 4 per cent. This will result in growth of close to 3 1/2 per cent on an annual average basis in 2002 and in 2003.