Win-door Attendees Hear Positive Forecast
November 25, 2009
U.S. Recession is Ending, But Recovery
|Chart courtesy of TD Bank Financial Group.
Among the seminars presented during the Win-door show, which took
place last week in Toronto, was an economic forecast from Richard
Kelly of TD Bank Financial Group.
According to Kelly, the U.S. recession is over but the recovery
will be gradual. He forecasted that the national GDP would improve
2.4 percent over the course of 2010 and 3.3 percent in 2011. As
support of this he pointed to the fact that the housing market is
showing signs of life, production is gradually coming back online,
retail spending is recording a small bounce-back and job losses
The Canadian economy also is at a turning point, Kelly told his
audience. He forecasted 2.5 percent growth in Canadian GDP in 2010
and 3.1 percent growth in 2011.
Kelly pointed to three phases in the recovery cycle. In the near
term he said output would prove to grow in the second half of 2009.
For 2010-2011, he said that liquidity injections and fiscal stimulus
will gain traction. Over the long-term he pointed to several challenges
that will be faced by the United States and Europe, including: recapitalizing
Massive Fiscal Deficits Will Be A Challenge
In The Future
|Chart courtesy of TD Bank Financial Group
sector; mopping up liquidity; deleveraging; reining in deficits;
and global imbalances.
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