But other signs point to a speedier recovery
The Canadian economy will take longer to pull out of the recession than other G7 nations, according to a new forecast.
The Organization for Economic Co-operation and Development predicts the economy will shrink an annualized two per cent in the third quarter compared to last quarter and will only grow by 0.4 per cent in the last three months of the year.
As for the other G7 countries, the OECD projects the United States, Japan, Germany and France will all see economic growth this quarter. Italy and Britain will lag, but not as badly as Canada.
However, the OECD predicts Japan's economy will contract again in the fourth quarter.
But there are indications the OECD predictions for Canada won't come true. Statistics Canada recorded economic growth in June and there was a large jump in manufacturing output in July.
The housing market has also rebounded after a slump at the end of 2008 and the beginning of 2009.
