The Bank of Canada raised its interest rate by a quarter percentage point to .50% making them the first Group of Seven nation to raise rates since the recession. They said any further increase would depend on the condition of the economy. This was not unexpected as most economists predicted this increase when the Canadian economy grew 6.1 percent in the first quarter of this year. Canada fared better than most countries. They did not have any bank failures or mortgage meltdowns and are rebounding quickly.