Global recession unlikely
2005 residential starts forecast to slip 7.3%
GDP growth to hold below 3% in 2005, 2006
Proposed federal cuts would create jobs, raise GDP
Budget deficits increase risk of rising interest rates
Domestic demand to drive economic growth
U.S. economy living beyond its means
Measured pace of tightening by Bank of Canada remains appropriate
Recent gains in developing countries vulnerable
Expansion of Canadian economy to pick up in 2006