The private sector is beginning to play an increasingly pivotal role in leading the country out of recession, the Bank of Canada said Thursday in its latest policy report.

In a mildly upbeat assessment, the central bank’s quarterly outlook contains some upward revisions for growth in the United States, China, Europe and Japan, which should help Canada’s battered exporters and manufacturing sector in the next two years.

And it says Canada’s economy will grow faster going forward than expected, in part because it got off to such a slow start last summer.

Overall, the central bank appears more optimistic about the sustainability of the recovery around the world, although it also cautions that risks of a stall in recovery remain.

There is also some upside hope, the bank adds, that conditions may continue to improve better than projected.