by Kevin Carmichael
Projection contradicts Bank of Canada's forecast that Canada is already out of recession and will experience growth this quarter.
In late July, the Bank of Canada projected the economy would expand this quarter, meaning the recession would have lasted for about nine months.
For all of 2009, Canada's GDP will shrink 2.5 per cent, the second-best performance after France, whose economy will decline 2.1 per cent, according to the OECD.
Statistics Canada tracking has already shown economic growth in June - for example, economists already know there was a large jump in manufacturing output in July. And the housing market, which also experienced a fast slump, has come back remarkably.
In fact, Canada Mortgage and Housing Corp. said in a report Thursday that housing starts should rebound in the second half of this year.
“Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction,” CMHC said.
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About Me
- Robert Lewis and Jennifer Hodson
- Vancouver Island, British Columbia, Canada
- Jennifer believes we live in the garden of Eden and I believe that we are destroying it. Our saving grace is within ourselves, our faith, and our mindfulness. We need to make a conscious effort to respect and preserve all life.
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