anada's top bank economists say the United States is headed for a longer economic decline and a slower recovery than during a typical recession – and this will sideswipe Canada and other economies around the world. They told a Toronto audience yesterday they expect the decline in U.S. home prices that triggered a widespread financial crisis and bank failures will continue, with a further drop of 10 per cent to the levels of 2002, before confidence and credit markets can start to recover. Then, the North American economy could expand slowly starting late next year, or into 2010. The economists say Canada – its housing market, corporate balance sheets, labour market, export earnings and government finances – are in a better shape than in other nations. Speaking before the opening of North American stock markets – and yet...
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