IMF Lowers Canada’s Growth Forecasts

25 January 2012 - Which Way to Pay

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IMF Lowers Canada’s Growth Forecasts

According to the International Monetary Fund’s latest economic outlook, Canada’s recovery is being held back by the current climate in Europe and elsewhere. They have predicted that Canada’s economy will grow by only 1.7 % considerably lower than the Bank of Canada’s estimate of 1.9 %. The IMF has also suggested that Canada’s economy will strengthen only by 2 % in 2013 which again contradicts BOC’s prediction of a 2.8 % expansion next year.

Despite these estimates Canada are still leading the Group of Seven big industrial nations, but this could be because they rest of the group are expected to be hit much worse by the situation in Europe, particularly if they are hit with an expected mild recession.  In regard to the IMF’S quarterly outlook it said that, “The predictions see global activity decelerating but not collapsing. Most advanced economies avoid falling back into recession, while activity in emerging and developing economies slows from a high pace.”  Global growth in now expected to slow to 3.3 % this year a response to the European situation which sees the figure lowered from 4 %. Europe still remains the greatest risk to successful global recovery.  However, the IMF also said that debt and debt consolidation plans in the U.S., Canada’s biggest trading partner, and Japan could have the potential of causing, “turmoil in global bond and economy markets,” which could easily impact Canada.

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Related Links:
• International Monetary Fund
IMF Marks Down Global Growth Forecast
• Bank of Canada
The Central Bank's Monetary Policy Report
• Economic Calender
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