The global recovery seems to be putting down roots. It is now broader-based than just a few months ago. The leading economic indicators of the OECD countries are now sending the strongest recovery signal since 2003. The global economy seems increasingly likely to expand more than 3% next year.
U.S. employment is ready to start growing again. This development, with support from business investment and a probably sustainable revival in housing, can be expected to put the U.S. recovery on a firmer footing.
The Canadian economy is likely to end the year considerably stronger than a disappointing July GDP report would suggest. The prospects for sustainable recovery have been brightened by a spectacular improvement in full-time employment. In short, the recovery scenario is materializing. Our forecast for Canadian real growth in 2010 is 2.9%.
