Chief economists at Canada's big banks predict rocky year for economy

TORONTO -- The chief economists of some of Canada's biggest banks say the country is headed for a rocky year as low oil prices continue to drag on economic performance.

See Full Article

Bank of Montreal chief economist Douglas Porter told a morning gathering of leading economists today that it's going to be a "very close call" whether the fourth quarter of 2015 saw any economic growth.

Canada's resource sector has been slammed as the price of crude has fallen from a high above $105 in June 2014 to below $40 over the past few months, just as other commodities are at or near multi-year lows.

Speaking at an event hosted by the Economic Club of Canada, Porter said it looks like last year was one of the worst years for economic growth in decades outside of a full-on recession, and Canada is looking at a 2016 growth rate not much higher than last 2015.

He says the loonie, which has plunged as the price of oil has declined, also has further to fall.

CIBC chief economist Avery Shenfeld says 2016 will be a disappointing year for the global economy at large, and Canada won't be spared.



Advertisements

Latest Economic News

  • Russia says oil production cuts may continue to boost prices

    Economic CTV News
    KUWAIT CITY -- Russia's energy minister says there's "94 per cent" compliance on a six-month oil production cut among OPEC members and non-cartel nations, as well as discussions about continuing the cuts to boost crude prices. Source
  • Iran imposes sanctions on 15 U.S. companies

    Economic CTV News
    TEHRAN, Iran - Iran has imposed sanctions on 15 American companies over their alleged support for Israel, terrorism and repression in the region. A Foreign Ministry statement carried by the state-run IRNA news agency Sunday said the companies are barred from any agreements with Iranian firms and that former and current directors will not be eligible for visas. Source
  • How to roll up the rim without buying coffee

    Economic CBC News
    You don't need to make a purchase to enter contests such as Tim Hortons' Roll Up The Rim To Win. But sometimes the alternatives are just as costly. (Tim Hortons ) Despite the well-known slogan, you don't actually have to roll up the rim to win. Source
  • Convenience or comparison? Why sticking with 1 bank might not be the best option

    Economic CBC News
    Consumers love the convenience of one-stop shopping for their financial needs — but it could be costing them. In a poll conducted by Ipsos and commissioned by LowestRates.ca, an online interest rate comparison site, six in 10 Canadian respondents said they prefer to have all their financial products and credit cards at one bank. Source
  • More TV streaming services join U.S. market, leaving Canada far behind

    Economic CBC News
    YouTube's announcement that it will soon launch an online TV streaming service cut deep for some Canadians. That's because it's not coming here. YouTube TV will offer more than 40 live TV channels for only $35 US a month. Source
  • Poker tables keep decreasing on Las Vegas casino floors

    Economic CTV News
    LAS VEGAS -- When the Monte Carlo closes its eight-table poker room in about a month as part of a $450 million overhaul, the Las Vegas Strip will have lost nearly a quarter of the tables it had a decade ago. Source
  • Las Vegas casinos continue to close poker rooms

    Economic CTV News
    LAS VEGAS -- When the Monte Carlo casino closes its eight-table poker room in about a month as part of a $450 million overhaul, the Las Vegas Strip will be down nearly a quarter of the tables it had a decade ago. Source
  • Google's YouTube loses more advertisers over offensive videos

    Economic CBC News
    An advertising boycott of YouTube is broadening, a sign that big-spending companies doubt Google's ability to prevent marketing campaigns from appearing alongside repugnant videos. PepsiCo, Walmart Stores and Starbucks on Friday confirmed that they have also suspended their advertising on YouTube after the Wall Street Journal found Google's automated programs placed their brands on five videos containing racist content. Source
  • National contest tries to convince students that lucrative sales jobs are 'sexy'

    Economic CBC News
    Sonya Meloff wants everyone to know that a career in sales is sexy. Not sleazy. "I think that sales is a really sexy job," says the founder of the Toronto's Sales Talent Agency. "You get to be at the forefront of representing a company, you're the one that gets to talk to the customers. Source
  • Report examines grim Bangladesh leather trade, links to West

    Economic CTV News
    DHAKA, Bangladesh -- Hazardous, heavily polluting tanneries, with workers as young as 14, supplied leather to companies that make shoes and handbags for a host of Western brands, a non-profit group that investigates supply chains says. Source