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IMF Applauds as Canada Market Growth Thrives Among Many Advanced Economies Despite COVID-19 in 2021

IMF Applauds as Canada Market Growth Thrives Among Many Advanced Economies Despite COVID-19 in 2021

On Tuesday 6th of March, the International Monetary Fund applauded Canada and declared its high hopes in the economy’s ability to win over the effects of the covid-19 pandemic faster than most advanced economies around the globe. This upgrades the market outlook in Canada for the coming years.

Now, the IMF said it expects that the Canadian economy rises and thrive by at least 5% over the course of one year. Optimistically, Canada is set to 1.5% higher than the previous forecast. This is a promising economic outlook for Canada.

IMF Economic Counsellor and Research Department Director Gita Gopinath said a multi-speed global economic recovery could give rise to unforeseen but healthy occurrences, which would put the recovery at risk.

“A high degree of uncertainty surrounds our projections. Faster progress with vaccinations can uplift the forecast, while a more prolonged pandemic with virus variants that evade vaccines can lead to a sharp downgrade. Multi-speed recoveries could er in unexpected ways,” she said.

Overall, the IMF expects that the global economic output will bounce back by six percent in 2021 and a further 4.4 percent in 2022. However, it did warn that significant uncertainties remain as new COVID variants of concern spread and vaccines are rolled out unevenly across continents and countries.

While the Canadian economy has expanded for nine straight months through January, output remains about three percent below pre-pandemic levels.

However, this submission puts the market economy of Canada in good light. Canada is still maintaining its place in the class of reputable economies, horning the opportunity for foreign direct investments(FDI).

FDI and other related topics will be discussed at the upcoming FDI Canada Forum by May this year.

Read further: https://www.bnnbloomberg.ca/imf-upgrades-canada-s-2021-growth-outlook-by-most-among-advanced-economies-1.1586606

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