Gloom and Doom from the IMF
Further to my earlier post on Recession Ahead?, the IMF have today sharply revised down their forecasts of Canadian growth – from 2.9% to 2.1% in 2001, and from 2.6% to 1.9% in 2o12. The downward revisions for Canada compared to June, 2011 are just about the largest for the advanced economies, second only to the US in 2011.
Canadaâ€™s current jobless rate of 7.3 per cent is forecast to averageÂ 7.6 per cent this year and 7.7 per cent in 2012. The April outlook predicted next yearâ€™s unemployment rate would be 7.3 per cent.
Perhaps more will be heard from Minister Flaherty re Plan B?
(Addition – he proclaimed that the land is still strong!)