Thursday, May 15, 2008

CMHC predicting Terms of trade advantage to help Canada outperform the U.S. economy

Terms of trade advantage to help Canada outperform the U.S. economy

Canada's economy will slow but will slightly outperform the U.S. economy, with support coming from high prices for Canadian natural resource exports.

Domestic demand will slow modestly due to credit tightening.

Canada's trade sector will act as a significant drag on Canada's economy this year and next.

The core inflation rate is expected to remain below 2% this year, with the all-items CPI likely to drop to 1% mid-year.

We are calling for the Bank of Canada to lower the overnight rate to 2.75% to mitigate downside risks to the growth outlook coming from a weakening U.S. economy, tight credit conditions and a strong Canadian dollar.

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