Canada: Staff Report for the 2002 Article IV Consultation
IMF Staff Country Reports, March 12, 2002
Source details
- Canonical URL
- Canada: Staff Report for the 2002 Article IV Consultation
Other formats
Bibliographic details
- Published: March 12, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451806885.002
Summary — main finding
- The Canadian economy has slowed substantially since late 2000.
- The slowdown largely reflects the slowing in the United States economy, which:
- reduced growth in Canada’s exports, and
- contributed to weakening private investment.
- Consumption growth has moderated because of:
- a slowing in real income growth,
- a softening in the employment situation, and
- an associated fall in consumer confidence.
- The recent slowing in economic activity has led to a decline in resource utilization.
Economic drivers and transmission
- External demand:
- Slowing U.S. economy → lower Canadian export growth.
- Domestic demand:
- Weaker private investment linked to lower external demand.
- Moderation in consumption tied to slower real income growth, weaker labor market conditions, and lower consumer confidence.
- Output gap:
- Decline in resource utilization reported in recent quarters.
Subjects and keywords (as listed)
- Subjects: Banking; Budget planning and preparation; Disposable income; Fiscal policy; Fiscal stance; Inflation; National accounts; Prices; Public debt; Public financial management (PFM).
- Keywords: authority; Budget planning and preparation; business confidence; Canada; core CPI; Core CPI inflation; CR; Disposable income; Fiscal stance; Global; governor of the Bank of Canada; Inflation; ISCR; labor market condition; North America; report update.