This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
Canadian Outlook Executive Summary: Summer 2012
Canadian Outlook Executive Summary: Summer 2012
Canadian Economic Analysis
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- Europe’s financial woes continue to affect confidence, stock and commodity markets, and hiring in the United States and Canada.
- A protracted U.S. recovery, coupled with soft domestic demand, will hold back Canada’s economic growth. Real GDP is forecast to advance by 2.2 per cent in 2012 and 2.4 per cent next year.
- While interest rate hikes looked imminent last March, the quick deterioration in the European situation is forcing the Bank of Canada to hold off. Instead, the federal government has introduced tighter mortgage rules in a bid to quell over-exuberant consumers.
- Despite volatile commodity prices, resource sector investment and production remains promising.
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