Business and Finance

OTTAWA–The financial turmoil in the United States will limit Canadian economic growth to 0.8 per cent this year but Canada will avoid a recession, says the Conference Board of Canada.

In its latest outlook on the world economy, the Ottawa-based economic research group says weak growth will last through 2009 as Canada, Europe and Asia buckle under the weight of the worst financial crisis in half a century in the United States.

The Conference Board predicts global growth will fall to 2 absolutely free credit report.8 per cent this year and 2.4 per cent in 2009. The U.S., which avoided a recession earlier this year because of strong exports, is sinking into recession because of weak consumer spending.

The board survey backs up a Bank of Canada assessment this week that the Canadian economy will tread water this year and next before stronger growth in 2010.

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