IMF cuts outlook for Canadian economy

The International Monetary Fund has cut its outlook for Canada's economy, and is advising the Bank of Canada to leave interest rates low until a recovery is entrenched.

Canada's gross domestic product will expand 1.5 percent in 2013, a downgrade from January, when the IMF predicted the country's GDP would increase 1.8 percent. That would be the weakest growth since 2008, when Canada slid into recession, and the second consecutive year of growth of less than two percent.