## Canada: 2025 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, January 21, 2026_

## Source details

**Canonical URL:** [Canada: 2025 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2026/01/21/canada-2025-article-iv-consultation-press-release-and-staff-report-573340)

## Other formats

- [Markdown version](/en/publications/cr/issues/2026/01/21/canada-2025-article-iv-consultation-press-release-and-staff-report-573340/index.md)
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## Bibliographic details
- Published: January 21, 2026
- Series: IMF Staff Country Reports
- Volume: 2026
- Pages: 74
- DOI: https://doi.org/10.5089/9798229035897.002

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### Summary and context
- Canada is adjusting to the largest shift in North American trade policy since NAFTA.
- The economy has been more resilient than initially feared, supported by USMCA exemptions, resilient consumption, and policy cushioning.
- Elevated trade uncertainty has weighed on exports, investment, and confidence, reinforcing long-standing weaknesses in productivity and competitiveness.

### Major findings
- Trade policy shift: Characterized as the largest shift in North American trade policy since NAFTA.
- Resilience drivers:
  - USMCA exemptions.
  - Resilient consumption.
  - Policy cushioning.
- Adverse impacts:
  - Elevated trade uncertainty has weighed on exports, investment, and confidence.
  - Long-standing weaknesses in productivity and competitiveness have been reinforced.

### Subjects and keywords (as listed)
- Subjects: Financial sector policy and analysis, Financial sector stability, Production, Productivity, Public debt, Tariffs, Taxes
- Keywords: article IV consultation, Financial sector stability, Fund relation, Global, IMF team, IMF's article, MCM FSAP mission chief, North America, Productivity, Tariffs

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_Source: https://www.imf.org/en/publications/cr/issues/2026/01/21/canada-2025-article-iv-consultation-press-release-and-staff-report-573340_