Analysts predict a slowdown in Canada’s economy as country faces oil pricing issues and possible GM plant shutdown
The Bank of Canada may have a bit of information to mull over ahead of its next meeting in December. Analysts suggest the Canadian economy could potentially start dipping as new problems surface. This includes a possible shut down of a GM plant in Ontario affecting thousands of workers as well as an energy crisis in Alberta as Canadian crude prices stay well below the US product. This comes after StatsCan reported the GDP grew to 2.4 per cent in October, which some experts suggest will be the peak for Canada’s economy.
Meanwhile, Canada’s big banks are releasing quarterly reports this week, starting with Scotiabank tomorrow and RBC on Wednesday.
The price of crude is coming back from a Black Friday slide, as US crude pushes to 51.11 this morning.
The Loonie is gaining to 75.75 cents US.