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CIBC outlook more pessimistic than most, but all agree we`re facing slowdown
Economist Avery Shenfeld calls it "The Great Disappointment," and while Canadians will be relieved to know he`s referring to the economic outlook in our neighbour to the south, at least some of this gloom will spill over the border.
This brings an unpleasant chill to our outlook after a couple of years in which the Fates seemed to be smiling on us. First, we had a recession that was milder than the American one, then a job recovery that was many times more vigorous.
But Shenfeld, who is chief economist at the Canadian Imperial Bank of Commerce, was unsparing in outlining the new reality to a Montreal audience yesterday: there`s no place for this country to hide in a world where global growth is slowing, most notably in our most important economic partner, and our own consumers are nearly tapped out.
Before you leap from the nearest window, however, keep in mind that Shenfeld`s analysis is more pessimistic than many others.
His forecast of 1.9-per-cent growth in Canada next year is near the bottom of those you`d find at major Canadian financial institutions. The Bank of Nova Scotia and the Bank of Montreal come in a notch higher at 2.3 and 2.5 per cent respectively, and the optimists at the Royal Bank forecast quite healthy growth of 3.2 per cent.
Read the full article here.
Economist Avery Shenfeld calls it "The Great Disappointment," and while Canadians will be relieved to know he`s referring to the economic outlook in our neighbour to the south, at least some of this gloom will spill over the border.
This brings an unpleasant chill to our outlook after a couple of years in which the Fates seemed to be smiling on us. First, we had a recession that was milder than the American one, then a job recovery that was many times more vigorous.
But Shenfeld, who is chief economist at the Canadian Imperial Bank of Commerce, was unsparing in outlining the new reality to a Montreal audience yesterday: there`s no place for this country to hide in a world where global growth is slowing, most notably in our most important economic partner, and our own consumers are nearly tapped out.
Before you leap from the nearest window, however, keep in mind that Shenfeld`s analysis is more pessimistic than many others.
His forecast of 1.9-per-cent growth in Canada next year is near the bottom of those you`d find at major Canadian financial institutions. The Bank of Nova Scotia and the Bank of Montreal come in a notch higher at 2.3 and 2.5 per cent respectively, and the optimists at the Royal Bank forecast quite healthy growth of 3.2 per cent.
Read the full article here.