The Canadian economy will grow by just 1.3 per cent in 2016, the chief economist of CIBC World Markets says. Avery Shenfeld says that the continued weakness in the oil and resource sectors and more pressure on the labour market will restrict growth. It’s the second cut the firm has forecast since the start of the year having previously called for 1.7 per cent. There are some brighter times ahead though: "With [oil] supply finally starting to fall off in some areas, modest price recoveries should be in the cards as the market eyes brighter days in 2017,” Shenfeld said. He also expects stronger growth in the global economy in 2017.
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