The Bank of Canada (BoC) Governor Stephen Poloz said in a speech on Tuesday that the global economy was recovering.

"The global economy can continue to recover, even if global trade growth remains lower than its pre-crisis levels," he said.

Poloz pointed out that a slowdown in the global trade did not signal a recession.

"The weakness in trade we've seen is not a warning of an impending recession. Rather, I see it as a sign that trade has reached a new balance point in the global economy," the BoC governor noted.

Regarding the central bank's monetary policy, Poloz said that the central bank would continue to work on building a positive economic environment for investors, firms and consumers.