Oct 2009 5

IMF Improves Canadian Forecast

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Afer a 2.5% decline in the year 2009, the Canadian economy should grow by around 2.1% next year. It's another acknowledgment that recovery is on the up.

The Global forecast is positive too. After an average 1.1% contraction in 2009, the global economy should be back on track with 3.1% growth. IMF chief economist Olivier Blanchard announced: "The recovery has started. Financial markets are healing."

The IMF forecast is similar to other ones, which are positive about the Canadian economy next year. TD Economics expect 2.5% growth, while the Bank of Canada puts our economy on the +3% line.

Growing confidence in the Canadian economy is also visible in the real estate market, where buyers are more and more encouraged to invest in properties again even in the top price segment.

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