IMF downgrades Canada again and warns global economy is "ever slowing and increasingly fragile"
The International Monetary Fund is now predicting 3.2% global growth (down from 3.4%) for 2016. The agency sites a weakening US economy, higher sales taxes in Japan, Europe's refugee crisis, the June Brexit vote and the on-going slump in commodity prices as reasons to be concerned about the health of the global economy.
The IMF downgraded the US, Canada, Japan, the EU and the UK but sees improvements in China, raising its forecast by 0.2 percentage points for 2016 and 2017. The agency trimmed their forecast for Canadian GDP from 1.7% to 1.5% for 2016, rising to 1.9% next year.