Downgraded but still solid: IMF’s outlook for Canadian economy
The International Monetary Fund has downgraded its outlook for Canada’s economy. The revised growth forecast is 2.2 per cent this year (revised from 2.3 per cent in January) and 2 per cent in 2016 (down from 2.1). While any downgrade is not good news, the IMF’s figures reflect the weakness in the oil industry and it says that despite that growth should be “solid”. It says that while the US is benefitting from the lower energy costs, Canada has an energy sector that is relatively large so exposure is higher.