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Canada`s economy will shrink by 1.7 per cent in 2009, half a point more than initially forecast, according to the Conference Board of Canada.
The Ottawa-based business think-tank, which is set to publish its revised economic outlook on Tuesday, now forecasts that Canada`s economy will contract faster because of the slowing American economy.
"A sharp and sustained decline in U.S. household spending is behind the first contraction in global trade in over 60 years. The situation has brought even the strongest economies to their knees," said Pedro Antunes, the board`s director of national and provincial forecasts, in a presentation.
Read the full article here.
The Ottawa-based business think-tank, which is set to publish its revised economic outlook on Tuesday, now forecasts that Canada`s economy will contract faster because of the slowing American economy.
"A sharp and sustained decline in U.S. household spending is behind the first contraction in global trade in over 60 years. The situation has brought even the strongest economies to their knees," said Pedro Antunes, the board`s director of national and provincial forecasts, in a presentation.
Read the full article here.