The IMF downgrades its 2023 growth forecast for Canada by 0.3 percentage points to 1.5 per cent, steeply contrasting the country’s 4.5 percentage growth in 2021.
The “worst is yet to come” for the global economy as central banks around the world work furiously to hike interest rates to curb inflation and Canada’s economy stares down a major contraction.
The IMF forecasts global growth to remain unchanged in 2022 at 3.2 per cent and to slow to 2.7 per cent in 2023 — 0.2 of a percentage point lower than the July forecast — with a 25 per cent probability it could fall below two per cent. The IMF’s forecast for Canada’s economy is lower than the Bank of Canada’s latest forecast from July. However, the country still comes out ahead of other G7 countries with the exception of Japan.
Global inflation is forecast to rise from 4.7 per cent in 2021 and peak to 8.8 per cent in 2022, and remain elevated for longer than previously expected, he wrote. Inflation will drop to 4.1 per cent by 2024.
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