World Economy

Canada Economy Humming Along

Canada Economy Humming AlongCanada Economy Humming Along

The Canadian economy is humming along as the country nears its 150th birthday, according to the latest outlook reports from the Organization for Economic Cooperation and Development, the International Monetary Fund and a recent report from Royal Bank of Canada, CBC reported. Canada’s gross domestic product is projected to grow by 2.8% during 2017, double last year’s pace, according to  the OECD. The Paris-based think tank believes that Canada’s economy is growing so fast the country might soon have full employment. The IMF, following its latest Article IV Consultation with the Canadian government, has concluded that the economy has regained momentum, supported by expansionary fiscal and monetary policies, but complex adjustments are still at play. The IMF projects 2.5% GDP growth for 2017. Continuing an eight-year trend, consumers are expected to provide a large lift to the economy in 2017. With business investment on the rise and government spending on infrastructure ramping up, RBC Economics projects the economy will grow at nearly double the average pace of the past two years.

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