BUSINESS

IMF's Economic Forecast For Canada Gets A Downgrade

01/20/2015 11:58 EST | Updated 03/22/2015 05:59 EDT
OTTAWA - The International Monetary Fund is downgrading its 2015 growth forecast for the Canadian economy as it lowers its overall outlook for global growth.

The IMF's latest economic projections say the world's economy is getting a boost from lower oil prices.

But it also says those gains are being more than offset by negatives such as slower growth in major economies, including China, Europe, Japan and Russia.

As a net-exporter of oil, Canada is already feeling the pinch of lower crude prices.

The IMF is reducing its 2015 outlook for Canadian economic growth to 2.3 per cent — down slightly from its prediction of 2.4 per cent three months ago.

It is also decreasing its projection for next year's growth to 2.1 per cent — a drop from the 2.4 per cent forecast it made in October.

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