Economy gloomier than thought says PBO

The Parliamentary Budget Office expects growth of the Canadian economy to be half the level that it forecast just a few months ago. This year’s growth will be 1.1 per cent (down from 2.1 per cent forecast in April) with 2 per cent for 2016 (down from its 2.3 per cent earlier forecast.) On a positive note the PBO believes that household wealth will increase and that housing stock will meet demand in 2016. The housing market will contribute less to the Canadian GDP with exports and business investment growing.

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