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(CEP News) - Export Development Canada said Tuesday it expects Canada's exports to end the year down 22% before recovering in the second half of 2010.
After a dismal performance this year, the EDC forecasts exports will stage a 7.4% recovery in 2010. As for overall Canadian GDP, EDC forecasts a 2% drop this year and 1.7% growth in 2010. Speaking to the Toronto Board of Trade on Tuesday, EDC chief economist Peter Hall said global GDP, meanwhile, is likely to contract 1.3% in 2009 and stage a modest 2.3% recovery in 2010. "From the current vantage point, it is difficult to imagine that the global economy will begin to recover much before the latter half of 2010," Hall said. He noted that the generalized retrenchment of U.S. credit markets, along with the collapse of consumer demand and commodity prices, have been the biggest negative factors affecting Canada's export performance. By Stephen Huebl,
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