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Same relativity happens with the economy.
The slowdown that we've all felt and seen in the last half year has felt painful because it was such a change from the torrid pace of the last few years. Last week, the numbers out of the U.S. said that that economy grew at an annual rate of 2.0 per cent in the first quarter. The longer-term forecast from the Bank of Canada is that growth will accelerate in the second half of this year and into 2002. That will come from a rebound in U.S. growth, a pickup in business spending and an end to inventory run-downs. If true, this forecast has at least three implications for investors.