10 September 2010 15:06 [Source: ICIS news]
Royal Bank of
“While Canada's second-quarter growth put real GDP close to its pre-recession high, concerns in the US and nervousness about the health of the global economy are weighing on the outlook for the second half of the year," said Craig Wright, the bank’s senior vice-president and chief economist.
US GDP growth had sharply weakened in the second quarter and recent reports on that country’s housing and labour markets had disappointed, Royal Bank said. The
The bank forecast that
The labour market had recovered 94% of the jobs lost during the recession and the unemployment rate is expected to decline to 7.3% by the end of 2011.
In a related report,
Royal Bank also lowered its 2011 GDP forecast for
Government infrastructure spending would be exhausted in the first quarter of 2011, putting pressure on the private sector to fill the void and sustain economic growth, the bank said.
Earlier this week, the country’s central Bank, the Bank of Canada, raised its benchmark lending rate to 1%, the third increase in a row since June when
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