CANADIAN ECONOMY ON THE UPTICK, SAYS RBC REPORT

Dec 13, 2012

By Jane Brown

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A relatively rosy prediction for the Canadian economy is being offered by the nation’s biggest bank.

The Royal Bank expects growth of 2.4 per cent next year, and 2.8 per cent in 2014.

That’s slightly better than the Bank of Canada’s forecast of 2.3 and 2.4 per cent growth in those two years.

Craig Wright, R-B-C’s chief economist, says the main reason why the economy is underperforming … is a slump in the global demand for Canadian exports.

But Wright predicts that global slump is coming to an end.

The report also has some good news for cross border shoppers.  R-B-C predicts the loonie will strengthen to about $1.05 U.S. by the end of next year.

Our currency now stands at about a $101.55 U-S.

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