"The economic environment is improving and we're seeing a gradual return to growth in Canada and the US, but the pace of growth is modest," said Ferley.

But that projection doesn't hold for jobs growth.

Ferley predicted that after registering unemployment at 9.1 per cent at end-2009, Ontario would continue to see jobless numbers rising, ending the current year at 9.7 per cent, before scaling back modestly to 8.5 per cent in 2011.

This compares with Canada's jobless numbers peaking from 8.5 per cent as at end-2009 to 8.8 per cent during this quarter, before falling back to 8 per cent by year-end. The US should also see a fall in jobless numbers by year-end, he predicted.

"While the unemployment rate is expected to remain high, inflation low, and the housing market subdued in Canada, the positive news is that interest rates should remain low and employment should start to rise in the face of sustained, albeit modest, growth," Ferley said.

He also said growing demand for Canadian exports outside of the US should provide an opportunity for Canadian businesses as they seek to supplement domestic growth this year.

He added Canadian businesses will have the opportunity to respond to rising incomes in markets such as those in South Asia and the Middle East.

"Canadian businesses have an ideal opportunity to capitalize on growth in South Asia and Middle East," Ferley said. "While growth in emerging markets like India and China has slowed somewhat, it is expected to pick up again this year.

"Rising demand from these emerging economies is already contributing to rising prices for many of the key natural resources commodities that Canada purchases, spurring a growth in export markets and providing a boost to income coming from higher export revenues."

Jennifer Tory, Regional President, Greater Toronto Region, reiterated RBC's commitment to remain the bank of choice for all newcomers, noting it has products to meet all their needs.

Tory said RBC is continuing to focus on providing customized advice, like the economic update, as part of an ongoing commitment to supporting newcomers and their unique needs.

She added good financial advice is one of the most valued assets in today's market, and that newcomers in particular tend to place a much higher value on the role of advice to achieve their financial goals.

With Canada's South Asian population clocking in at well over a million and immigration fuelling two-thirds of Canada's population growth, particularly in the GTA, she said RBC is seeking to provide increasingly customized advice for newcomers.

"Newcomers are hugely important to our social, cultural and economic fabric," said Tory. "RBC continues to celebrate the strong and growing South Asian and Middle Eastern communities here in Canada.

"We continue to work hard to embed diversity in our culture, in our communities and in how we do business," Tory added.