IMF: Canadian economy tops in G7

By Barry Ellsworth

TRENTON, Ont.

Canada will lead the economic powerhouses of the G7 countries in growth in 2017, the International Monetary Fund (IMF) said Tuesday.

The IMF estimated the Canadian gross domestic product in 2017 would reach 3 percent, an increase of half a percentage point from its earlier estimate in July.

It said the U.S. would be second with growth of 2.2 percent. The G7 is made up of seven of the world’s leading economic democracies that includes Canada, France, Germany, Italy, Japan, the U.K. and the U.S.

The prediction by the Washington-based IMF is in line with economic forecasts by the 15-member Organization for Economic Cooperation and Development (OECD) that also said Canada’s economy would be the most robust of the G7 countries.

The IMF said the increased expectation for the Canadian economy was a result of it not being dragged down as much by lower prices for natural gas and oil, coupled with government spending assistance and sound central bank financial decisions.

Next year, the IMF predicted the United States’ growth would reach 2.3 percent, topping the G7. Canada will be a sound second at 2.1 percent.