Friday, September 29, 2006

[canada] centre on the brink of recession

The Ontario economy has nearly stalled and, with the U.S. slowdown breathing down its neck, Canada's biggest province could possibly fall into recession, a new forecast from economists at Toronto-Dominion Bank warns. “There is a chance of recession in Ontario. We have some numbers that are getting close to the line,” said Derek Burleton, co-author of the bank's latest provincial forecast. A recession is typically defined as two successive quarters of economic contraction, and is frequently associated with rising levels of bankruptcy, company restructuring and job loss across many sectors.

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