Description

The growth outlook for the United States in 2013 is improving as a result of an employment growth uptick, housing price recovery, and a slow pickup of manufacturing. The agreement to avoid the “fiscal cliff” will also prove positive for investor and manufacturing confidence in 2013. Canada is expected to record subdued growth owing to a sluggish housing market and low mortgage rates in the short term. The major downside risks to the region is the continued uncertainty in Europe and the possibility that renewed uncertainty may erupt as a result of tax and budget debates around the raising of the 'debt ceiling' at the end of Q1 2013.