Canadian economy braking, TD Bank says
Posted: Thu Sep 16, 2010 12:21 pmOTTAWA - Canada's economy will slow sharply in the second half of 2010 after roaring out of the recession, according to the Toronto-Dominion Bank.
Economists with the major commercial bank say the economy has been on a good run since last fall, with an average growth rate of 4.3 per cent. But that fast pace has ended and the current third quarter will have produced a very weak 1.5 per cent advance.
Growth in the last three months of the year won't be much better, the economists said, at two per cent.
TD has also shaved half a point off next year's growth forecast, saying the economy will only get bigger by two per cent in 2011, almost a full point below the Bank of Canada's prediction.
This year's second-half estimates are also at wide variance with the Bank of Canada's last estimates of 2.8 and 3.2 per cent increases in the final two quarters, but governor Mark Carney has recently admitted he will downgrade those projections next month.
more info at this link: http://money.ca.msn.com/investing/news/ ... d=25599107
I think HST got something to do with this economic slow growth.
Economists with the major commercial bank say the economy has been on a good run since last fall, with an average growth rate of 4.3 per cent. But that fast pace has ended and the current third quarter will have produced a very weak 1.5 per cent advance.
Growth in the last three months of the year won't be much better, the economists said, at two per cent.
TD has also shaved half a point off next year's growth forecast, saying the economy will only get bigger by two per cent in 2011, almost a full point below the Bank of Canada's prediction.
This year's second-half estimates are also at wide variance with the Bank of Canada's last estimates of 2.8 and 3.2 per cent increases in the final two quarters, but governor Mark Carney has recently admitted he will downgrade those projections next month.
more info at this link: http://money.ca.msn.com/investing/news/ ... d=25599107
I think HST got something to do with this economic slow growth.