BREAKING
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
The Conference Board of Canada cut its forecast for economic growth this year after the contraction seen in the second quarter.
The think tank said Wednesday it expects real gross domestic product in Canada to grow 5.1 per cent in 2021 compared with its forecast in July for growth of 6.7 per cent.
The board's prediction for growth in 2022 held steady at 4.4 per cent.
However, the board says economic growth is expected to cool toward the end of next year with annual gains of 1.6 to 1.7 per cent for 2023 and beyond as economic stimulus effects wear off.
鈥淭he unprecedented levels of pandemic stimulus measures are easing as social distancing restrictions have largely lifted across Canada, but the debt overhang remains a long-term issue,鈥 said Ted Mallett, the boad's director, economic forecasting.
鈥淭hese critical income measures led to a federal deficit of $228 billion in 2020. While a rebound in revenues, as well as the easing of some major support measures led to an improvement in the deficit this year, the federal government has added massively to its debt in just two years.鈥
The report said the growth this year and next will come as consumers dip into their savings to spend.
Rising oil prices are also expected to help the recovery in the oilpatch.
However, the report said the distribution of vaccines remains challenging in many other countries and that the result has been weaker demand for Canadian agricultural, mining, manufacturing and energy products.
It said the spread of the Delta variant, even in countries with high vaccination rates, remains the largest risk to the outlook for the global economy.
Statistics Canada said in August that the Canadian economy contracted at an annualized rate of 1.1 per cent in the second quarter, its worst quarterly showing since the start of the pandemic.
The agency also said its initial estimate for July showed a contraction of 0.4 per cent for the month.
This report by The Canadian Press was first published Oct. 6, 2021.
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.
Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.
An 11-year-old boy died Monday after subway surfing in New York City. He's the fourth person to die from subway surfing in the city this year.
What Cristiana Barsony-Arcidiacono, 49, the Italian-Hungarian CEO and owner of Hungary-based BAC Consulting, says she hasn't done is make the exploding pagers that killed 12 people and wounded more than 2,000 in Lebanon this week.
Israel killed a top Hezbollah commander and other senior figures in the Lebanese movement in an airstrike on Beirut on Friday, vowing to press on with a new military campaign until it is able to secure the area around the Lebanese border.
U.S. Vice President Kamala Harris on Thursday issued a warning to any potential home intruder: 'If somebody breaks in my house, they're getting shot.'
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man鈥檚 best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.