Canada’s third quarter “miserable”: Bank of Canada

A global currency war and the spectre of a housing bust is keeping growth at bay.

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The Bank of Canada reports that the third quarter is shaping up to be the country’s worst since the onset of the recession, with a global currency war and possible housing market collapse threatening to derail the economic recovery.

The bank’s latest quarterly outlook estimates the Canadian economy grew a miniscule 1.6% during the third quarter, compared to that of the troubled U.S. economy, which is estimated to have grown by 2.3%. The BoC now expects growth of 3% this year and 2.3% for 2011.

It also warns that household debt is dangerously high and could present a problem should the bottom fall out of the housing market. However, low interest rates and improving business investing are presently acting as a counter-balance for the economy, and the bank believes the economy will return to good health in two years time.

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