Canada will lead G7 in economic growth
Despite the recent slowdown, the International Monetary Fund said Wednesday it still sees Canada will be the leader in economic growth among major industrialized countries this year and next.
The finding is contained in the organizationâ€™s latest world economic outlook, released Wednesday, which suggested growth in the emerging markets would advance three times faster than rich nations next year.
The IMF forecast indicated the Canadian economy is set to grow 3.1% this year and 2.7% in 2011, which would be tops among major industrialized economies. Plus, next yearâ€™s expected advance of 2.7% would be ahead of the average 2.2% growth anticipated for the other big industrialized economies, such as Japan, the United States and Europe.
The Bank of Canada had anticipated 3.5% growth this year and 2.9% in 2011, although those projections are expected to be revised downward when the central bank releases its updated economic outlook on Oct. 20.
Source: Financial Post