Description

North America is expected to remain fairly stable in 2015 due to improved domestic demand and business confidence. The US economy is expected to grow by 3.1% in 2015, up from 2.4% in 2014, driven by rising incomes, long-standing repressed demand, a strengthening housing sector, and lower oil prices. For Canada, the outlook has been scaled back to 1.9% in 2015 due to falling oil prices leading to lower corporate profits and weaker income growth. The key driver will be international trade, as exports will continue to receive a boost from a weak Canadian dollar and an accelerating US economy.