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IMF cuts Canada’s outlook on the eve of the Bank of Canada’s rate decision

The International Monetary Fund has cut Canada's growth forecast for next year by the most of any developed economy in the world.

The IMF said on Tuesday it now expects Canada’s GDP will grow 2.1 percent in 2017, versus its previous call for 2.4 percent growth. Its estimate for this year remains unchanged at 1.7 percent.

The revision marks another warning sign as the Bank of Canada prepares to deliver its own forecasts and a rate decision Wednesday. And it comes amid heightened concern about fallout from low oil prices and the loonie’s sharp descent.

The IMF also cut its global growth projection for 2017 by two-tenths of a percentage point to 3.6 per cent.

It says China's efforts to change structure from an economy led by exports and infrastructure investment to a consumption-oriented economy are among the factors that will continue to "weigh on growth prospects" this year and next.

The IMF left its growth projection for Canada for this year unchanged at 1.7 per cent -- up from estimated growth of 1.2 per cent last year.

But it cuts its Canadian outlook for next year to 2.1 per cent from the 2.4 per cent projected last fall.

It also cut the outlook for the United States by two-tenths of a point to 2.6 per cent growth both in 2016 and 2017. CTV Two CTV News CTV News Channel BNN - Business News Network CP24