Despite the short-term slowdown, Canada is poised to benefit from the trade dispute between the world’s two most powerful economies
Canada’s growth prospects appear bleaker than they did at the start of 2019, according to a new report by the International Monetary Fund.
Canada is not alone in the expected slowdown. In fact, the IMF cut its overall global growth forecast to 3.3 per cent for 2019, down from its prediction of 3.5 per cent in January and a dip from global growth of 3.6 per cent in 2018. Global growth peaked at about 4 per cent in 2017. “A further escalation of trade tensions and the associated increases in policy uncertainty could further weaken growth,” the report stated. “The potential remains for sharp deterioration in market sentiment.”
“Trade diversion leads to substitution of China’s exports to the United States: Mexico and Canada benefit most, reflecting their close proximity to, and strong trade relations with, the United States,” the IMF said.
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