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According to a recent report released by TD Economics, a branch of TD Bank, the economy will continue to grow at a meager pace with very little room for future failures.
The report explains that while several factors affected the economy during the first half of the year, such as high gas prices, supply shock following the natural disaster in Japan and overall bad weather, the recent drop in consumer confidence may disturb the economy the most. Due to the lower confidence, the report forecasts slow economic growth during the next several quarters.
"Financial markets suffered a crisis of confidence this summer, the fallout from which will impact the economic recovery," said TD chief economist Craig Alexander, who authored the report. "A more robust pace of economic growth will require tackling the legacy issues of the financial crisis still burdening the recovery."
The report predicts the real gross domestic product to grow to 1.6 percent in 2011, before increasing to 1.7 percent in 2012 and 2.6 percent in 2013.
The housing market continues to be one of the hardest-hit sectors and has prevented major economic growth, despite the recent record-low interest rates for mortgages.
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