The Globe and Mail reports in its Thursday, April 16, edition that Bank of Canada Governor Stephen Poloz says there is a brighter future ahead if people can look beyond an economy that is teetering on the brink of outright contraction. The Globe's Barrie McKenna writes that the BOC kept its key overnight lending rate unchanged Wednesday at 0.75 per cent. The BOC released a new forecast showing Canada's oil-dependent economy stalled and likely did not grow at all in the first three months of the year. The no-growth forecast is a sharp downgrade from the 1.5-per-cent annual growth rate the bank predicted just three months ago, when Mr. Poloz rattled financial markets with a surprise quarter-percentage-point rate cut. Mr. Poloz insisted the economy would snap back. Mr. Poloz got the first quarter wrong and now he is overoptimistic about what the rest of the year will bring, says Leith Wheeler analyst Ben Homsy. He says: "The impact from low oil prices on the Canadian economy is not a one-quarter event. ... We'll see that reverberate through the second and third quarters." Scotiabank economist Derek Holt says the BOC's forecasts may be "on the aggressive side."