Economic growth to slow again
Economic growth has picked up recently, but we aren’t convinced the economy has turned the corner, particularly not when that growth is still so unbalanced. Non-commodity exports are lagging and business investment will decline further this year. Meanwhile, with provincial policymakers now threatening to intervene in the housing market, there is a greater risk of a potentially prolonged housing downturn. We expect GDP growth to slow from 2.0% in 2017 to only 1.2% in 2018.