IMF raises outlook for Canadian economy to 2.3%

IMF raises outlook for Canadian economy to 2.3%

In addition to growth in the United States, the International Monetary Fund found that global growth increased about 3.7 percent in 2017, which is 0.1 percentage point higher than was previously projected.

The IMF said that China, during the same period is expected to grow at 6.6 percent and 6.4 percent respectively.

The global lending agency said Monday it now projects Canada's economy will grow 2.3 per cent this year, up from an estimate of 2.1 per cent in October.

Lagarde urged countries to take advantage of healthy growth to enact reforms that will make their economies more efficient to spread prosperity to those who have been left behind. One-fifth of emerging and developing countries have seen ir per capita income fall by 2017.

The US economy has been showing steady but underwhelming annual growth since the last recession in 2007-2009. Furthermore, the growth potential of the first two economies in the world, United States and China, is reaching a limit that will inevitably lead to a deceleration of their expansion, this situation being only a matter of time.

Gross domestic product (GDP) in the world's second-largest economy is forecast to grow 6.6% this year and 6.4% next year, the International Monetary Fund said in an update to its World Economic Outlook on Monday.

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The estimate for five Association of Southeast Asian Nations members - Indonesia, Malaysia, the Philippines, Thailand and Vietnam - was up 0.1 point to 5.3 percent this year, while 2019 was unchanged from October at 5.3 percent.

It says Trump's corporate tax cuts are expected to stimulate activity, with the short-term impact in the U.S. mostly driven by the investment response to the tax policy changes. "The effects of the package on output in the United States and its trading partners contribute about half of the cumulative revision to global growth over 2018-19".

On the downside, rich asset valuations and very compressed term premiums raise the possibility of a financial market correction, which could dampen growth and confidence.

But the Fund also said Italy's March general election posed a risk to structural reforms. At a time of widespread economic euphoria, with upward revisions of prospects for world economy and Europe in particular, Spain is only developed economy that has reduced its growth prospects. "In an environment of financial market optimism, ensuring financial resilience is imperative".

The second, because this is mostly a cyclical recovery and in absence of continuous reforms will return to problems that triggered financial crisis. and thirdly, because of uncertainty surrounding financial sector in face of progressive rise in interest rates, he said at his press conference in Davos.

Current upswing in the global economy "furnishes an ideal moment to act on a range of multilateral challenges", Obstfeld said.

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