If we held a new Bretton Woods Conference today, it is clear that delegates would design a different IMF, because both attitudes and circumstances are fundamentally different than they were at the end of World War II. International trade flows now constitute a much greater share of most countries' GDP.
Growth in consumption and investment is expected to ease, and growth in housing is projected to slow further, in part because of the measures introduced by the Ontario government in April. All told, we forecast that the economy will expand by 3.1 per cent this year, before slowing to 2.1 per cent in 2018. This is still faster than the growth rate of potential.