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Canada's finance ministry on Monday cut its economic growth forecast due to low oil prices. Canadian Finance Minister Bill Morneau said that the economy is expected to expand 1.4% in 2016, down from the November forecast of 2.0%, and 2.2% in 2017, unchanged from the November estimate.
The 2016-17 budget deficit is expected to be C$18.4 billion, while the 2017-18 deficit is forecasted to be C$15.5 billion.
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