World Economy

Canada to Lead G7 in Growth

Canada  to Lead G7  in Growth  Canada  to Lead G7  in Growth

The International Monetary Fund expects Canada to lead the G7 for economic growth this year. The IMF raised its outlook for Canada as part of its latest world economic outlook update, AP reported. It now expects the Canadian economy to grow by 2.5% in 2017, up from its April projection of 1.9%. The IMF says it revised its 2017 outlook for Canada following strong growth in the first quarter and indications of “resilient second-quarter activity”. However, it trimmed its outlook for Canada for 2018 to 1.9% compared with its earlier forecast for 2%. Mounting evidence of an economy picking up steam has increased the probability that Canada’s central bank will raise borrowing rates again this year after a 25 basis point increase in July to 0.75%. The IMF expects European countries including Germany, France and Italy to grow faster in 2017 than earlier predicted, but kept its forecast for global growth unchanged at 3.5% for 2017 and 3.6% for 2018.

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