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14/12/2009 -
Businesses may soon get more use of their merchant accounts in the coming months, as the economy is expected to return to growth nation-wide, reported Royal Bank of Canada on Monday.The RBC reported that, following a 2.5 percent contraction in 2009, real GDP will increase by 2.6 percent in 2010 and 3.9 percent in 2011.
Perhaps most important for those with merchant accounts, consumer spending is expected to increase by 2.3 percent in 2010 and 2.7 percent in 2011 as credit conditions improve.
"Low mortgage rates and a limited supply of homes have led to an impressive rebound in housing resale activity, which should be seen as proof that consumers are feeling more upbeat, even in areas that were hit hard by the recession like Ontario, B.C. and Alberta," said Craig Wright, RBC senior vice president and chief economist.
This forecast, which marks an upward revision from the bank's previous forecast, is also reflected in the recent 0.1 percent growth in real GDP in the third quarter, as well as the 0.1 percent decline in the unemployment rate - all indications that consumer spending is set to improve.
