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That’s because Poloz and his policy team — with help from the federal government’s stimulus program — are hoping the clouded outlook will dissipate in the second half of this year, an assessment that is broadly in line with forecasts by private-sector analysts.

“The (domestic) economy’s structural adjustment to the oil-price shock continues, but is proving to be uneven,” Poloz said in a statement accompanying the interest-rate announcement.

He acknowledged the recent increase in oil prices is due “in part, because of short-term supply disruptions.”

Once tallied, Canada’s output in the second quarter of this year likely declined, but the central bank sees a rebound in the third quarter, “as oil production resumes and reconstruction begins.”

Many economists agree there will be a strong snap-back in GDP during the July-to-September period.

“It was nice of them to give us some early estimate on the impact of the wildfires on GDP growth. But, as expected, they noted that (impact) is transitory and — gain — a rebound in the third quarter will largely offset things,” said Benjamin Reitzes, senior economist at BMO Capital Markets. “Based on the April MPR (Monetary Policy Report), it suggests we’ll get a small negative for the second quarter and a reversal of that in the third quarter — somewhere north of three per cent — maybe 3.5 per cent or better.”

Some of the Bank of Canada’s optimism comes from anticipated “solid growth” this year in the United States, by far Canada’s biggest trading partner.