The Canadian government downgraded its growth and fiscal forecasts. The downward revision was driven by a slower-than-expected recovery for the Canadian economy. Low oil prices weigh on the economy in Canada.
The government expects the economy to expand 1.2% in 2015 and 2% in 2016.
The budget deficit is expected to be C$3 billion this year, and C$3.9 billion in 2016-2017.
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