According to a recent report from TD Bank affiliate TD Economics, the economy will continue to grow at a meager pace for the next several years as a result of many factors experienced this year.
Earlier in 2011, high gas prices, the fallout from the natural disaster in Japan and overal bad weather contributed to hold the economy back. However, more recently, declining consumer confidence has affected the economy the most.
"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 forecasts the real gross domestic product to increase to 1.6 percent in 2011, followed by a rise to 1.7 percent in 2012 and 2.6 percent in 2013.
In areas with stronger job sectors and steady home sales, such as the Houston real estate market, the economic forecast may prove to be slightly healthier.
Courtesy of 2M Realty News