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Summary of 2002
Most market analysts in 2002 saw the US
and Canadian economy rebounding aggressively out of the near recession.Early signs
in 2002 pointed to a surprisingly strong rebound but those expectations were tempered
somewhat in the last 2 quarters of 2002.Canada's economy was the bright spot on the
horizon,outperforming the US market and emerging as a shining star among the G7 countries.
Economists forecasted that the prime rate would go up by 1.25% by the end of 2002
and another 1.25 in 2003,depending on the strength of our economic recovery here
and in the US.Prime rate increased in 2002 by .75% but the September 4th/02 , October
16th/02 and December 3rd/02 rate increases were bypassed due to uncertain economic
signals seen in most of the world's major economies,seen to impact on Canada's future
growth prospects. In 2002 ,prime climbed by only .75% .
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