Canada’s Largest Bank Says Economy to Grow 3.1%

The Royal Bank of Canada – the country’s largest financial institution – released a report today predicting that Canada’s economy will grow by 3/1 percent this year, followed by a 3.9 percent growth in 2011. The report cites the positive impact of the government’s stimulus plan spending, a stable credit market, and an expected increase in consumer spending will be the primary forces helping to expand the economy over the next two years.

With respect to employment, the report pointed to rising commodity prices as a net benefit to the country as well as a return to stability in the manufacturing sector, in particular, the auto industry.

Source: The Canadian Press

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