But it said that a return to growth should not be confused with a "return to normal economic conditions".
"There may well be a period of stagnation now, with output rising in some months and falling in others," the institute said.
Economy boost
The Bank's Monetary Policy Committee (MPC) last month increased the size of the quantitative easing program by £50bn to create up to £175bn on the UK's balance sheet by, in effect, printing money.
And three of the nine-member committee, including the Bank's governor Mervyn King, voted last month for an increase, to £200bn.
However, IHS Global Insight economist Howard Archer said that developments over the past month were "unlikely to lead to at least two of the other six MPC members changing their mind at this stage and voting for more quantitative easing".
The bank cut interest rates to a record low of 0.5% in an attempt to boost lending in the economy.
And there have been calls for the rates to be cut to less than zero in order to dissuade banks from holding onto the cash being pumped into the economy and lend it to individuals and companies instead.
"One must now question the conventional view that cutting rates below 0.5% will not help," said BCC chief economist David Kern.
The aim of quantitative easing is to encourage individual banks to expand their balance sheets - moving their reserves into something that offers a higher return, such as making new loans - and so increasing the supply of money in the economy.
A former Bank of England rate-setter has criticised the Bank for not spotting the recession and then not acting decisively enough to avoid it.
David Blanchflower reserves particular criticism for Mr King, in an article published in Thursday's New Statesman magazine.
He says Bank members lack the practical experience necessary to set policy.