Brexit by International Monetary Fund

With the cuts in the global forecasts for the next two years and warning of more fallout from Brexit by International Monetary Fund, Canada is predicted to be the second strongest growing economy in 2017, behind the U.S. Canada might emerge as a dark horse among the world's advanced economies.

The projections in the April report were revised and they remained the same or were downward for counties like Germany, Italy, France, The UK and the U.S. Canada's growth in 2017 saw an increase after the revision by 0.2 per cent to 2.1 per cent.

According to Domenico Lombardi, director of the Global Economy Program at the Centre for International Governance Innovation in Waterloo, ont., the oil market and the commodity market are expecting an improved outlook for the producers which is why Canada is predicted to have an improvement in growth.

For the year 2016, Canada is growth projection is decreased by 0.1 percent to 1.4 percent, due to the rough patch faced by its economy and slow improvement in the manufacturing industry. Commodity prices are falling. To top all of that, according to the National Bank Financial estimates, the May wildfires may reduce 1/10th of the country's annual growth rate if oil production was at half capacity for a month.

Canada might have to face medium to long-term implications from Brexit if it impacts the ratification of the Comprehensive Economic and Trade Agreement between Canada and the EU, cautions Lombardi .

After the UK's vote to exit the European Union, forecast by the IMF was scrapped globally for a pickup in growth this year. IMF also cautioned about more possible damage that could happen in case the confidence of the investors and companies is hurt.