IMF projecting Canada to lead G7 in 2017 growth

By Mohammed Mestar

Canada’s economy will grow more than that of any other G7 country in the rest of 2017, according to projections from the International Monetary Fund (IMF).

Improving its original forecast from April that predicted a 1.9% growth in the country’s Gross Domestic Product (GDP), the IMF is now anticipating a 2.5% rise.

The projection compares favourably to the United States, which was second in the ranking of G7 nations ahead of Germany and the United Kingdom.

Canada’s strong economic performance – down to its growing jobs market and oil price stabilisation - led to the Bank of Canada’s first interest rate hike in seven years earlier this month. 

See also:

“Buoyant domestic demand boosted first-quarter growth to 3.7 per cent and indicators suggest resilient second-quarter activity,” said the IMF.

Experts believe that it may have underestimated Canada’s potential, however, with the BoC holding a more positive growth figure for the remainder of the year.

“The Bank of Canada is actually predicting a 2.9 per cent growth,” commented Bank of Montreal economist Doug Porter. “The IMF outlook may actually be a bit modest.”

The numbers were part of the IMF’s World Economic Outlook Update for July, with the report projecting global growth of 3.5% in 2017 and 3.6% in 2018.


Featured Articles

Top 10 easiest countries in the world to do business

Business Chief takes a look at the top 10 places in the world to do business, according to TMF Group's Global Business Complexity Index (GBCI) for 2023

Patagonia Chair Charles Conn on becoming an imperfectionist

Entrepreneur and Patagonia Chair Charles Conn talks to Business Chief about rethinking strategy amid uncertainty, and why an imperfectionist approach works

Top 10 most valuable brands in the world – Amazon to TikTok

Business Chief takes a look at the top 10 most valuable brands in the world, according to Brand Finance, which puts 5,000 major companies to the test

Four priorities for new Twitter CEO Linda Yaccarino

Leadership & Strategy

Top 10 shifts transforming organisations – McKinsey & Co

Leadership & Strategy

Top 10 fastest-growing jobs in the world according to WEF

Technology & AI