National

IMF Slashes Outlook For Canadian Economic Growth This Year To 1.5 Per Cent

The Canadian Press, 10 Jul, 2015 01:01 PM

OTTAWA — The International Monetary Fund is slashing its outlook for Canadian economic growth this year.

The fund is calling for growth of 1.5 per cent this year, down from an April forecast for growth of 2.2 per cent.

Growth for 2016 is now expected to clock in at 2.1 per cent, up from an earlier forecast of 2.0 per cent.

The cut by the IMF follows suggestions by several economists that Canada may have slipped into a recession in the first half of the year and speculation that the Bank of Canada may cut rates.

The central bank is widely expected to trim its outlook for the economy when it releases its monetary policy report next week.

In its April report, the central bank predicted growth of 1.9 per cent for this year and 2.5 per cent in 2016.

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