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Canadian economy leads the way

The Bank of Canada has today suggested that Canadian base rates will rise in the short to medium term as the economic recovery is curtailed. As with some countries around the world, there are fears that inflation is rearing its ugly head, and this needs to be addressed in the short-term. This will also likely be the first time that the Bank of Canada has increased base rates for the country ahead of any lead by the US Federal Reserve.

The Canadian economy has been one of the strongest performers over the last decade with massive amounts of overseas investment being attracted. The very fact that the country also has a sound banking system and exposure to various commodities which have performed exceedingly well in the short term has also assisted the strength of the economy and the government. It is also well known that the Canadian authorities have invested wisely and on a long-term basis into the economy, something which has again attracted overseas interest with record numbers of expats leaving for their shores.

The Canadian economy is forecast to grow by 3.7% in 2010 and 3.1% in 2011 which is by far and away one of the stronger economic forecasts in the developed world.

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