Although national exports are likely to be somewhat hurt by the United States' slow economic recovery, the Canadian Chamber of Commerce projects the Canadian economy to grow at an average rate of 2.6 per cent in 2010.
In its Economic Outlook 2010, the chamber says the unemployment rate will likely peak early in the year at 8.8 per cent as employers remain guarded. This will translate to modest gains in personal disposable income.
As 2011 approaches, better growth prospects in the United States and other trading partners will begin to stimulate exports, along with firmer commodity prices and a transition to private-sector driven growth. As such, 2011 will provide heightened economic momentum, with real GDP growth of 3.3 per cent.
"The post-recession environment will look very different from what existed before the crisis," said Perrin Beatty, Canadian Chamber of Commerce president and CEO, in a release.
"The 'new normal' demands that even the smallest of businesses find ways to improve their competitiveness. Economic upheavals always create new opportunities, and the highest rewards will go to those that seize them."
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