Global Economic Outlook 2015—North America

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.