Canada’s economic growth will likely exceed 2 per cent for the first time in 2018, Statistics Canada said Thursday, as the country seeks to close a $10.2 billion budget deficit, kickstart a recovery and kickstart exports after the global financial crisis.
Canada’s growth rate of 2.6 per cent this year will be its best since 2008, Statistics Canadean economist Catherine MacDougall said in a news release.
Canada is currently facing a $30 billion deficit.
Canada was last in the OECD in terms of gross domestic product, and MacDougalls said the country will be able to make up for the shortfall by adding more jobs.
Statistics Canada also said Canada’s unemployment rate fell to 5.5 percent in January from 6.2 per cent a year earlier.
Canada will have added at least 1,400,000 jobs in the year that ended Jan. 1, the agency said.
The economy grew by 3.6 million jobs last year.
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