The following was reported on in the 17 December 2009 editon of "CBC News".
Toronto-Dominion Bank called the recession over Thursday and predicted global growth next year would reach 3.8 per cent in 2010.
The bank's economics research branch said the first signs of the rebound came this spring, when both emerging Asian economies as well as Germany, France and Japan showed signs of growth that continued through the summer, when North America also showed evidence of a rebound.
"Financial markets are on the mend, as witnessed by sharp rebounds in global equity markets and declines in credit spreads," it said. "Housing markets are in repair, as witnessed by falling inventory levels and rising prices, particularly in the U.S. and U.K., the epicentre of the problem.
"Industrial production is on the rebound, as witnessed by replenished inventory levels and a pickup in global trade. And lastly, but most importantly, consumers are more engaged, hence spurring the improvements in everything above."
The bank predicted Canada's economy would grow by 4.1 per cent over the three months ending in December and by 2.7 per cent in 2010. Job creation, it expected, would total almost 280,000 next year.
Its prediction for the U.S. economy was 4.5 per cent growth for the fourth quarter and 2.7 per cent for 2010.
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