Gloom and Doom from the IMF

Further to my earlier post on Recession Ahead?, the IMF have today sharply revised down their forecasts of Canadian growth – from 2.9% to 2.1% in 2001, and from 2.6% to 1.9% in 2o12. The downward revisions for Canada compared to June, 2011 are just about the largest for the advanced economies, second only to the US in 2011.

Canada’s current jobless rate of 7.3 per cent is forecast to average  7.6 per cent this year and 7.7 per cent in 2012. The April outlook predicted next year’s unemployment rate would be 7.3 per cent.

Perhaps more will be heard from Minister Flaherty re Plan B?

(Addition – he proclaimed that the land is still strong!)