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TORONTO (Reuters) - The Canadian economy is expected to worsen in the first half of 2009 but may start seeing tentative signs of recovery as early as the third quarter, a Reuters poll showed on WednesdayEconomists were more pessimistic in their outlook for the economy through 2009 and into 2010, compared with the previous quarterly survey in January, slashing forecasts for gross domestic product, the unemployment rate, housing starts, and the Bank of Canada`s lending rate.
The survey of over 20 economists, conducted in the days after the end of the first quarter, forecast the economy will shrink by an annualized 2.5 percent this year -- more than twice the 1.1 percent contraction predicted in the January poll.
The gloomier outlook follows dismal early data for the first quarter that has put Canada on track for one of its worst economic performances in history. The median forecast is for a 6.1 percent contraction, which would follow a 3.4 percent downturn in the fourth quarter of last year.
Read the full article here.
The survey of over 20 economists, conducted in the days after the end of the first quarter, forecast the economy will shrink by an annualized 2.5 percent this year -- more than twice the 1.1 percent contraction predicted in the January poll.
The gloomier outlook follows dismal early data for the first quarter that has put Canada on track for one of its worst economic performances in history. The median forecast is for a 6.1 percent contraction, which would follow a 3.4 percent downturn in the fourth quarter of last year.
Read the full article here.