Canada’s Economic Growth Surpasses Other G7 Countries

[vc_row][vc_column][vc_column_text]According to the International Monetary Fund (IMF), Canada’s economic growth is surpassing the growth of other G7 countries. As the second quarter 2017 numbers come rolling in, Canada’s numbers are on top of other G7 countries. A recent economic report shows a strong 0.9% increase in the wholesale trade numbers and a 0.6% increase in retail sales. Canada’s Gross Domestic Product (GDP) is anticipated to show an increase of 0.2%. 

Economists have a strong belief that the month end report could put Canada’s second-quarter growth rate above the Bank of Canada’s 3% annual growth rate. Canadian Visa Expert is an independently-owned immigration service for people from other countries who want to move to Canada.[/vc_column_text][vc_column_text]Global trade is also gaining momentum at an exceptional rate, with growth expected to exceed the annual growth rate of the past two years. This is an encouraging statistic for an economy so reliant on exports, as Canada is. These upgraded numbers are merely a feather in Canada’s trading with its up and coming resurgent economy. According to Canadian Visa Expert, more people are immigrating to Canada to take advantage of this good news.

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Canada may still have some catching up to do, however, as the Organization for Economic Cooperation and Development (OECD) predicted a 2.8% growth increase from the 2017 original forecast. The average forecast increase is 2.7% among Canada’s six largest privately-owned banks. The fact that the IMF has cut the Canadian growth percentage for 2018 gives a slight implication that this years growth will make up the difference. It was projected that the 1.9% for 2018 is lowered slightly to 0.1% for the spring forecast.

The IMF has been increasing economic forecast overall for the Eurozone and other G7 economies. According to Maurice Obstfeld, IMF’s chief economist. The recovery in global growth that we projected in April is on a firmer footing; there is now no question mark over the world’s gain in momentum. Contact Canadian Visa Expert for more information on moving to Canada to find a job![/vc_column_text][/vc_column][/vc_row]