Cumulative deficit is likely to be $16.5 billion higher than forecasted in the last budget over a five-year span.
Will contract 6.5% over 2015 and 2016, widely exceeding the 2.7% retreat of previous downturns.
TD forecasts third quarter growth in the 2% to 2.5% range.
Craig Alexander will become the think-tank’s vice-president for economic analysis in September.
The latest numbers form Statistics Canada suggest the economy sprang back to life in Q3 with a 3.5% gain in GDP, but there is troubling news buried in the stats.
Canada’s economy and jobs performance could become a victim of US politics, analysts say.
Operating profits for Canadian corporations continued to grow in the first three months of this year, but at a slower pace than in recent quarters, as the economic recovery loses momentum.