• TD predicts deeper and more extended recessions on both sides of the border.
• U.S. economy to contract by 3.1% in 2009 and Canada to follow suit with a 2.4% retreat.
• Outlook for 2010 slashed in half, with slow recovery predicted.
• U.S. and Canadian economies expected to rise at modest pace of 1.4% and 1.3%, respectively, in 2010.
• Global economic outlook also cut to -1.6%, marking the first contraction on record.