Whats in store for Canadian trade next year?
Canada should benefit from a recovering global economy which we see growing 4 per cent in 2010. We see exports growing for the first time in two years, rebounding more than 6 per cent after two years of contraction. 3. Our jobless rate hit an 11-year high this year. How will the labour market fare in 2010? We see the unemployment rate falling to 8 per cent by the end of next year. The reason we do not see the jobless rate well below that is because we see a de-leveraging of U.S. households as a factor to be reckoned with. A return of consumer thrift south of the border will be one of the main medium-term consequences of the credit crisis. This is particularly important for Ontario, which must adapt structurally to this reality. As a result, Ontario’s jobless rate is likely to come down at a slower pace than during previous recoveries, impacting the national average. 4. The Bank of Canada still plans to keep interest rates on hold until the middle of next year, provided its inflation ou
