In concert with China’s stock market crash and the Greek debt crisis the IMF has given Canada a thumbs down in terms of its expected economic growth for Canada in 2015.

While the IMF predicts the international economy will grow by an estimated 3.3% in 2015 it gave Canada’s economy a disappointing 1.5% expected rate of growth for the coming year. The forecast is not out of tune with many Canadian economists expecting a recession for the rest of the 2015 fiscal year.

First quarter growth in both Canada and the United Staes has been disappointing to say the least. With the American GDP shrinking and the Canadian economy contracting the North American outlook is not favourable to economic growth this year.

The steep drop in oil prices are a major drag on the Canadian economy, combined with an extremely harsh winter keeping Canadians and people in the northern U.S, indoors, consumer spending was limited as people stayed inside to keep warm rather than shopping and spending.

The IMF forecast and the poor 1st quarter of 2015 have most economists believing that an interest rate hike is out of the question for the Bank of Canada, with may predicting an interest rate cut.

This months June job creation numbers will likely hold weight when it comes to making the final decision.

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Queens University 2015 Canadian Economic Outlook