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The International Monetary Fund Tuesday lowered its forecast for Canadian economic growth this year, predicting it will be dragged down by a cascading crisis in Europe and weakening conditions elsewhere.

In its latest economic outlook, the Washington-based monitor of global financial affairs predicted the Canadian economy will likely now grow by only 1.7 percent — three notches lower than the Bank of Canada’s estimate just last week — and two-tenths of a point lower than its own previous call in September.

And the IMF doesn’t see much improvement in 2013, forecasting 2 percent growth, again lower than the central bank’s prediction of 2.8 percent.

The IMF also predicted global growth of 3.25 percent, slower than the 4 percent pace it projected in September.

Source: CBC

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