Canada Doing Well

With strong economic growth in the first half of the year, the Canadian economy is expected to grow by an impressive 3.1% in 2017, according to The Conference Board of Canada’s Canadian Outlook Bulletin: Autumn 2017, Business Insider reported. “Canada’s economy continues to perform well above potential and is on track to outperform most other developed economies by a sizable margin,” said Matthew Stewart, director of national forecasting at the conference board. “However, the recent pace of expansion is unsustainable and economic growth will slow over the second half of this year and into 2018.” Employment is forecast to grow by 1.5% this year, the strongest annual growth since 2007. Although the level of business investment remains depressed, real investment will post its first increase in three years in 2017. Strong consumer spending is fueling much of Canada’s stellar growth this year. The improved employment landscape has boosted consumer optimism supporting consumption in the first half of the year. Overall, wage growth of only 1.4% is expected for the year.