According to a new report from TD Economics, the Canadian economy will firm up, but it’ll take several more months to do so.
The report says government and personal debt along with a mild correction in Canada’s housing market will prevent much economic growth in the coming months. However, the soft spot will not drag on for too long. Additionally, troubled European and U.S. markets could have a heavy impact on our own numbers (especially with interest rates). The report’s writers only expect our economy to grow by 1.8 per cent for 2012, which is rather weak on the spectrum.
Fortunately, analysts believe economic growth will pick back up in the first quarter of 2013