Not a lot of good news in the latest economic forecast from the Toronto Dominion Bank's economics department.
The department, headed by Don Drummond, lowered its forecasts this afternoon. It now says Canada will be in recession by the end of the year. That's a change from the forecast it issued just over a month ago when it predicted Canada's economy would grow this this year and next.
And if that's not bad enough, here's another ominous line from the report:
“We … attach a 30-40% chance to the possibility of a more pessimistic outcome, which produces the worst U.S. recession since 1982, and the worst G7 recession since the Great Depression.”
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