Dr. Sherry Cooper, Chief Economist, BMO Nesbitt Burns, has been named the top economist at forecasting the U.S. economy’s gross domestic product by Bloomberg Markets in its ranking of best forecasters.

Cooper led her peers in accurately predicting five key economic indicators on gross domestic product.

In addition to her role as chief economist of the investment firm, Cooper is the global economic strategist and executive vice president of BMO Financial Group and its U.S.-based Harris Bank in Chicago.

“I want to congratulate Sherry on this recognition,” said William Downe, deputy chair, BMO Financial Group and CEO, BMO Nesbitt Burns. “To secure top-rated status speaks volumes about Sherry’s commitment and expertise in providing significant and valuable insights about the North American economy.”

Bloomberg singled out Cooper as having the most accurate U.S. GDP forecasts for the past year. It was a turbulent year, very different from any other in the post-war period. The recession in the U.S. was coupled with continued strength in house and automobile purchases as interest rates declined sharply.

In the second half of 2002, Cooper expects strong sales at retail outlets and auto dealers to diminish. Consumer confidence has fallen sharply, and excessive consumer borrowing remains a potential risk. The Fed, in her view, is likely to respond to these risks with further interest rate cuts. In addition, she cautions that companies may miss their 2002 earnings targets and a war against Iraq could further dampen consumer confidence.

Cooper was an economist at the Federal Reserve Board in Washington, D.C. and served as special assistant to Chairman Paul Volcker during the credit control period in 1980. Following five years at the Fed, she joined the Federal National Mortgage Association as director of financial economics. Since 1983, she has been Chief Economist of BMO Nesbitt Burns, a leading Canadian investment dealer, and in 2000 was appointed to her current role at the Harris Bank and BMO Financial Group.