By Elli Davis, October 27, 2010
Toronto by Alex Indigo
TD Economics has recently released a special report revealing some positive and some not so positive aspects of Toronto’s economy and its recovery! Very optimistically, it states that the economy of our city “skirted the recession that devastated many other urban economies in North America.”
Toronto’s real GDP growth is forecast to be almost 5 percent this year, compared to only a 3 percent Canadian average. On the negative side however, many Torontians felt that the situation was not at its worst during the actual recession, but has become worse during the last year of “rebounding real GDP growth”, the report claims. Unfortunately, as the economic growth of the city is predicted to slow down, the current trends are expected to go on for the next couple of years.
See, it is an unpleasant paradox that in Toronto, the recession state of many started deepening after it is officially over. But it is extremely nice to hear that without Toronto, the economic recovery of Canada could have been described as “anaemic”.