Slowly, surely, we're turning the corner?
As the Oct. 6 Ontario election approaches a crucial leaders' debate next week, a major Canadian bank has downgraded its forecast for the province's economy, citing increasing economic concerns.
"Disappointing economic indicators, foreign governments grappling with fiscal challenges, and heightened worries about the health of the global recovery paint a picture of only sub-par growth for Canada," says a TD Economics report issued Thursday.
"This constrained environment must trickle down to the provinces as well. In turn, we have downgraded our provincial growth profile for 2011 and 2012."
The bank said it is lowering Ontario's 2011 GDP forecast growth to 2.3 per cent. In June, amid rosier signs, TD put that growth estimate at 2.9 per cent. All other provincial economies were similarly downgraded.