Toronto-Dominion Bank Cuts 2011, 2012 Canada Growth Forecasts

Toronto-Dominion Bank, Canada’s second-largest lender, reduced its forecast for the nation’s economic growth this year and next to reflect a U.S. economy that had a deeper recession than previously reported, according to Craig Alexander, the bank’s chief economist.

TD cut its growth forecast to 2.2 percent this year, from 2.8 percent. It reduced the forecast for next year to 1.9 percent, from 2.5 percent, and raised the 2013 outlook to 2.6 percent, from 2.1 percent.