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With the Canadian economy reporting on Wednesday its first decline in GDP since the financial crisis, fears are rising that the slow economic recovery in the United States and Europe is beginning to wash up in Canada. Former Bank of Canada Governor John Crow tells BNN that calls of another recession might be premature.
"Am I concerned [of a recession]? It wouldn't be good, that's for sure," he says. "It is probably not going to happen, but that's not the same as saying there will be a strong pick up in the second half either -- that's still a bit of a question mark."
Crow also says the Canadian economy is facing domestic pressures, particularly from the country's real estate sector.
"Housing and housing activity maintain the economy, very much so compared to the United States, and that's probably peaked," he says. "How far or how fast it will go off the boil is one of the interesting questions."