Canada among the fastest growing advanced economies in 2025, IMF projects
Pierre-Olivier Gourinchas, the chief economist for the International Monetary Fund, during an IMF roundtable on tackling public debt in Wash., U.S. on April 12, 2023. He told a news conference on Oct. 22 that the IMF is 'very concerned about the rising geoeconomic fragmentation, trade tensions between countries, measures disrupting trade, disrupting cross-border investment.
The IMF described its baseline forecast as “stable yet underwhelming.” However, it warned that downside risks are multiplying as a result of trade disputes, regional military conflicts, and the possibility that central banks and governments will be too slow to change their policies as inflation falls and economic growth lags.
The report modelled the potential impact of a trade war, where the U.S. imposes 10-per-cent tariffs on all imported goods, and Several recent reports by academics and private-sector economists have tried to calculate the potential impact of Mr. Trump’s tariff proposals on the Canadian economy. University of Calgary economist Trevor Tombe estimated that a 10-per-cent tariff on all imports to the U.S., followed by a likely global trade war, would result in a $45-billion hit to Canada’s economy.
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