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Stephen S. Poloz, Governor of the Bank of Canada. Picture: bankofcanada.ca

The Bank of Canada revised down its projection of potential growth

The Bank of Canada announced that it is maintaining its target for the overnight rate at 1/2 per cent.

The highlights of the Bank’s statement are:

  • The Bank expects global GDP growth to increase from 3 1/4 per cent this year to about 3 1/2 per cent in 2018 and 2019.
  • In Canada, the economic growth was temporarily boosted by a resumption of spending in the oil and gas sector and the effects of the Canada Child Benefit on consumer spending.
  • While the recent rebound in GDP is encouraging, it is too early to conclude that the economy is on a sustainable growth path.
  • During the rest of this year and into 2018 and 2019, growth in Canada is expected to moderate but remain above potential.
  • The Bank now projects real GDP growth of 2 1/2 per cent in 2017 and just below 2 per cent in 2018 and 2019.
  • The Bank has revised down its projection of potential growth, reflecting persistently weak investment.
  • CPI inflation is expected to dip in the months ahead and then return to 2 per cent later in the projection horizon.

For more information click HERE.

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About CIJnews Staff

CIJnews Staff
CIJnews is an independent, dynamic and reliable online news source that serves the Canadian Jewish and Israeli communities and provides an uncensored platform for the spectrum of voices.

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