IMF leaves economic outlook for Canada unchanged

The International Monetary Fund has cut its growth projection for the world this year but left its outlook for Canada unchanged from its earlier estimates in October.

See Full Article

In its revision to the semi-annual World Economic Outlook, the Washington-based lender predicts the global economy will grow by 3.4 per cent in 2016 -- down from 3.6 per cent in the earlier estimate.

The IMF also cut its global growth projection for 2017 by two-tenths of a percentage point to 3.6 per cent.

It says China's efforts to change structure from an economy led by exports and infrastructure investment to a consumption-oriented economy are among the factors that will continue to "weigh on growth prospects" this year and next.

The IMF left its growth projection for Canada for this year unchanged at 1.7 per cent -- up from estimated growth of 1.2 per cent last year.

But it cuts its Canadian outlook for next year to 2.1 per cent from the 2.4 per cent projected last fall.

It also cut the outlook for the United States by two-tenths of a point to 2.6 per cent growth both in 2016 and 2017.



Advertisements

Latest Economic News

  • U.S. says ban on laptops in airplane cabins has been lifted

    Economic CTV News
    DALLAS -- The ban on laptops in the cabins of planes flying from the Middle East to the U.S. is over, as federal officials say that large airports in the region have taken other steps to increase security. Source
  • McDonald's adds Big Mac onesie, sweats to items it delivers

    Economic CTV News
    OAK BROOK, Ill. -- With McDonald's now offering a delivery service, the fast food giant is looking to make customers comfortable eating at home with a new clothing line that includes an adult-size Big Mac onesie. Source
  • Observers temper expectations for Sears liquidation deals

    Economic CTV News
    TORONTO -- Dozens of Sears stores slated for closure begin liquidation sales Friday, but bargain hunters would be wise to temper their expectations, say industry experts. Eager to avoid bankruptcy, the one-time retail giant is counting on hordes of shoppers to scoop up discounted merchandise, fixtures and equipment as soon as possible. Source
  • Price shock: Fraser report shows Ontario hydro prices surging at twice national average

    Economic CTV News
    Ontario energy prices have skyrocketed significantly higher and faster than the rest of the country over the last nine years, with Torontonians paying twice the national average, according to a report from the right-leaning Fraser Institute. Source
  • Exxon Mobil fined $2M US for Tillerson-era breach of Russia sanctions

    Economic CBC News
    The Treasury Department hit Exxon Mobil Corp. with a $2 million fine Thursday for violating Russia sanctions while Secretary of State Rex Tillerson was the oil company's CEO. Treasury said in a statement that Exxon under Tillerson's leadership had shown "reckless disregard" for sanctions that the Obama administration imposed on Russian entities in 2014 over Russia's annexation of Crimea. Source
  • Rogers Q2 net income rises 35%, beats analyst estimate

    Economic CBC News
    Rogers Communications reported a 35 per cent increase in second-quarter net income on Thursday, beating analyst estimates with an especially strong performance from its key wireless division. It's the first financial report issued by the Toronto-based telecommunications and media company on Joe Natale's watch since he became its CEO in April. Source
  • Supreme Court won't hear appeal from former Nortel employee over benefits

    Economic CTV News
    OTTAWA -- The Supreme Court won't hear an appeal from a former Nortel employee who claimed her charter rights were violated over the issue of disability payments. The employee had argued that the 2015 agreement reached on how disability benefits would be paid out in the wake of Nortel's bankruptcy was unfair and unreasonable. Source
  • Canadian travel to U.S. drops, while overseas visits to Canada surge to highest May ever

    Economic CBC News
    Canadians are making fewer trips to the United States, and foreign appetite for travel in Canada has hit its highest May on record. Statistics Canada reported Thursday that Canadians made 3.2 million trips to the United States in May, down almost eight per cent from April's level and nearly six per cent lower than the same month a year ago. Source
  • Florida house where O.J. Simpson lived listed for $1.3 million

    Economic CTV News
    MIAMI -- What happened to the Florida home where O.J. Simpson lived with his children after his acquittal in the death of his ex-wife and her friend? The 4,148 square-foot (385 sq. meter) home is currently on the market for nearly $1.3 million. Source
  • Sears and Amazon; Alexa, turn up my Kenmore air conditioner

    Economic CTV News
    HOFFMAN ESTATES, Ill. -- Sears will begin selling Kenmore appliances on Amazon.com, including smart appliances that can be synced with Amazon's voice assistant, Alexa. The announcement before the opening bell Thursday sent shares of Sears soaring 11 per cent. Source