Newspaper article The Canadian Press

Strong Start to 2017 Bodes Well for Canada, International Monetary Fund Says

Newspaper article The Canadian Press

Strong Start to 2017 Bodes Well for Canada, International Monetary Fund Says

Article excerpt

Economic data 'bodes well' for Canada: IMF

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TORONTO - The early strength in Canadian economic data early this year "bodes well" for the country's growth prospects, the International Monetary Fund said Tuesday.

The Washington, D.C.-based organization estimates Canada's gross domestic product will grow by 1.9 per cent this year, unchanged from its previous forecasts in October and January. By contrast, the Bank of Canada projected last week that the economy will expand by 2.6 per cent this year, up from its prior estimate of 2.1 per cent growth.

An IMF official explained that the economic momentum in Canada hasn't been reflected in its latest analysis due to timing.

"There has been a very strong data release on monthly GDP in early 2017 for Canada, which bodes very well for growth in the early part of the year," Gian Maria Milesi-Ferretti, the IMF's deputy director of research, said from Washington, D. …

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