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• Canadian Growth Forecast Downgraded in One WeekPosted:10/07/2009 0:20 GMT by NeedToKnowNews
  Barely a week after its last forecast, the Conference Board of Canada today cut its outlook for the economy to 1.5% in 2009 from 2.2%. The downward revision still avoids a recession according to the think-tank but comes in the wake of growing concerns over events south of the border. âA recession-plagued U.S. economy takes its toll north of the border,â the CBOC said today, explaining that while high commodity prices have bolstered Canadians' real income over the past 6 years (including 2008) that source of strength is expected to disappear into 2009. âStill, Canada is expected to skirt a recession in 2009. Although the economy in general is slowing, it is still growing,â they said. The Conference Board forecasts growth of only 0.5% next year in U.S. gross domestic product as its economy succumbs to slumping household spending.