Canada leading G7 nations in economic recovery

The International Monetary Fund’s latest economic outlook has Canada leading G7 countries in economic growth this year and next, while the organization’s global forecast was upgraded due to a quicker-than-expected recovery from recession.

The IMF — an organization whose mandate is, among other things, to facilitate proper functioning of the world’s financial systems — said in its World Economic Outlook that Canada’s gross domestic product would grow 3.1 per cent this year and 3.2 per cent in 2011.

“Canada entered the global crisis in good shape, and thus the exit strategy appears less challenging than elsewhere,” the IMF said in its report. “The main priorities are returning Canada’s debt to a downward trajectory, ensuring that financial stability remains intact — amid rising house prices — and raising Canada’s labour productivity and potential growth.”

The IMF’s forecast for Canada for this year was upgraded from the 2.6 per cent growth it expected in January, though the 2011 forecast was downgraded from 3.6 per cent.

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