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Canadian Economy to shrink 8.4% this year: IMF

BY , Jun 24, 2020 4:23 PM - REPORT AN ERROR

The International Monetary Fund is estimating the Canadian economy will shrink by 8.4 per cent this year- a 2.2% steeper decline than it forecast in April.

Globally, the IMF is predicting a drop of 4.9 per cent in GDP, significantly worse than the three per cent drop it had estimated two months ago.

The IMF says the COVID-19 pandemic is disproportionately hurting low-income households and imperilling the significant progress made in reducing extreme poverty in the world since 1990.

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