Posted AT 12:47 PM EDT on 25/02/08
Canadian economic outlook gloomier: IMF
The economic slowdown unfolding in the U.S., tighter financial conditions and a strong loonie will combine to slow Canada's growth this year, the International Monetary Fund said Monday.
The international agency chopped Canada's 2008 economic growth target to 1.8 per cent, down from an October forecast of 2.3 per cent and last year's estimated pace of 2.5 per cent. A growth rate of 1.8 per cent would be the slowest since 2001, when the U.S. economy fell into recession.
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