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Dear R. Hunter,

After growing at a rate below 1% during the second half of 2012,
Canadian growth will rebound during 2013, but it will remain below 2%
due to a deleveraging consumer and a faltering housing market. The
Canadian economy will need to increase its productivity and improve the
export capacity for its natural resources in order to achieve its growth
potential in the future. Attached you will find my latest report, "The
Outlook for Canada". Key conclusions include:

The recent ebbing of Canadian housing prices likely signals the
beginning of a period of deleveraging for Canadian consumers

Although Canadian oil prices are moving back towards global prices, the
oil industry needs to increase its shipments via pipeline and/or rail in
order to maximize growth

Weak productivity and a strong currency have weakened Canada's
competitiveness in the global economy

Canadian monetary policy will likely be on hold through the end of the
year and government expenditures will only increase minimally in the
year ahead

An increase in the number of well-educated and high-skilled immigrants
could set the stage for future gains in productivity and innovation for
Canadian companies

Additionally, Lyric Hughes Hale has written a new article, "Peak
Urbanization?", which raises doubts about the wisdom of
ever-accelerating urbanization in developing countries, and explores the
implications on the urbanization process if population growth levels off
sooner than expected as this century progresses. The article can be
accessed at the following link:
http://www.huffingtonpost.com/lyric-hughes-hale/peak-urbanization_b_2993001.html

http://www.huffingtonpost.com/lyric-hughes-hale/peak-urbanization_b_2993001.html

As always, we welcome any questions or comments.

Best wishes,

David Hale

Chairman

David Hale Global Economics, Inc.

546 Lincoln Ave, Suite 2A

Winnetka, IL, 60093 USA

+1 847-386-6009 (tel)

+1 847-386-6011 (fax)

davidhale@davidhaleweb.com

http://www.davidhaleweb.com

http://www.davidhaleweb.com/

Copyright 2013, David Hale Global Economics Inc. All rights reserved.
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