The United States is gearing up for the upcoming presidential elections, and amidst this, the Canadian economy is moving forward.
According to recent data from the International Monetary Fund (IMF), Canada is expected to emerge as an economic leader in 2025. The G7 country is expected to take over the United States and the United Kingdom.
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Canada’s Economic Growth Projections
IMF’s Growth Forecast For Canada
According to the IMF, Canada’s economy is expected to grow by 1.3% this year alone and by 2.4% in 2025.
As seen, the country’s economy is predicted to develop at the quickest rate among the G7 and other major nations by 2025. The United Kingdom will grow at a rate of 1.5% next year, while the United States economy will come in second at 1.9%.
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Canada Exceeds Expectations
This wasn’t all. Recent statistics show Canada’s economy expanded faster than anticipated in the second quarter. According to Statistics Canada data, annualized growth for the second quarter came in at 2.1%.
This exceeded market expectations of 1.6% and the Bank of Canada’s (BoC) prediction of 1.5%. This, however, did not stop the analysts from predicting further cuts.
Looking At The Global Economy
The latest data is a revision of the original report from April. The world economy is predicted to grow at the same 3.2% rate this year and 3.3% next year, which was adjusted up from the April estimate of 3.2%.
Although the IMF believes the world economy will experience a “soft landing,” it cautions that the inflation forecast still has risks. This is specifically true for developed nations like Canada.
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