IMF Upgrade Canada’s Forecasts

17 April 2012 10:00am - Florence Fullalove

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IMF Upgrade Canada’s Forecasts

The International Monetary Fund has raised its growth forecasts for Canada with an improved outlook for the US and the world in mind. The IMF’s World Economic Outlook expects Canada’s economy will grow 2.1% in 2012 and 2.2% in 2013, up from January’s forecast of 1.7% for 2012 and 2% for 2013. This revised figure means that the US and Canada will lead growth among the Group of Seven most industrialised nations for 2012, with Canada ranking second after the US for growth in 2013. The IMF report said, “In Canada, the recovery is well advanced, and the economy is well positioned with room for policymakers to respond flexibility to changes in the economic outlook,” including “resorting to stimulus should the recovery threaten to falter.”

The IMF raised its global growth forecast, predicting the world economy will expand 3.5% this year and 4.1% in 2013. This is an improvement on forecasts made in January that predicted 3.3% for 2012 and 4% for 2013. The report reflects the IMF’s view that the Eurozone was stabilizing but was still at risk of facing an economic downturn. The euro area economy is forecasted to decline by 0.3% in 2012 which is still an improvement from the 0.5% seen in a previous IMF forecast.

In the summary of the report, the IMF said, “Improved activity in the United States during the second half on 2011 and better policies in the euro area in response to its deepening economic crisis have reduced the threat of a sharp global slowdown.”

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