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According to an International Monetary Fund report, Canada’s economy will grow by roughly 1.5 per cent this year.
This would be four-tenths of a percentage point drop in economic acitivy. The report sees Canada’s economic growth rate returning to the original 1.9 per cent by 2020.
The IMF had previously cut its estimate for 2019 from an even higher previous projection of 3.5 percent.
“Although a 3.3 per cent global expansion is still reasonable, the outlook for many countries is very challenging, with considerable uncertainties in the short term, especially as advanced economy growth rates converge toward their modest long-term potential,” the report read.
“While 2019 started out on a weak footing, a pickup is expected in the second half of the year. This pickup is supported by significant policy accommodation by major economies, made possible by the absence of inflationary loads despite closing output gaps.”
The overall cut from 3.5 to 1.5 now is not surprising for most, especially when reports published earlier this month pointed to a potential loss 12,500 jobs in the energy sector in the coming year.
What do you think about the overall economic growth rate? Join the conversation by commenting below!