The Bank of Canada admitted on Wednesday that Canada was in Recession. Well sort of.

Bank of Canada Governor Stephen Poloz is afraid to speak the "R-Word". Instead, Poloz phrased it this way: "Real GDP is now projected to have contracted modestly in the first half of the year."

Shades of Voldemort

Poloz further went out of his way to state the "R-word is unhelpful".

 Pressed by reporters to just come out and use the R-word, Poloz dug in.

"I just find the discussion quite unhelpful," he sniffed. "It's especially unhelpful when what has happened to the economy is very narrowly defined."