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IMF sees Canada growing twice as fast as the U.S. next year

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  • IMF sees Canada growing twice as fast as the U.S. next year

    The IMF predicted small positive growth for both countries next year.

    IMF sees Canada growing twice as fast as the U.S. next year, at 1.6 per cent
    2 days ago OTTAWA — The International Monetary Fund has brightened Canada's economic outlook, saying in its latest forecast that the country's economy will grow next year at twice the pace of the United States.

    The new IMF report, however, cautions that the global recovery from the worst recession since the Second World War will be slow and modest and that Canada's growth in 2010 will follow a major economic contraction this year. ....

    For Canada, the IMF predicts the economy will shrink by 2.3 per cent this year and rebound to 1.6-per-cent growth next year, four-tenths of a percentage point higher than its previous forecast in April.

    The fund says the U.S. economy will retreat by 2.6 per cent this year, and grow at a tepid 0.8 per cent in 2010, a big improvement from its April projection of no growth for the United States.

    The IMF's growth projections follow Bank of Canada governor Mark Carney's recent reported declaration that Canada will rebound at twice the pace of its southern neighbour. Although, Carney still has the rebound significantly higher than the IMF, with Canadian growth hitting 2.5 per cent next year.

    TD Bank economist Grant Bishop said the new numbers are roughly similar to the bank's in-house projections, but he questioned whether Canada can rebound at twice the rate of its biggest trading partner. ....
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