The International Monetary Fund(IMF) has raised its estimate for Canada’s economic growth rate for this year and 2018, putting it at or near the top of the heap among advanced economies.
The IMF says Canada’s pickup in growth reflects reduced drag from lower oil and gas prices with assistance from government spending and central bank policies.
The Washington-based IMF is now estimating Canada’s gross domestic product for 2017 will be 3.0 %— half a percentage point higher than its July estimate.
That would put Canada ahead of all the other Group of Seven countries, with the U.S. coming second at 2.2% growth from last year.
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