OctaFX | OctaFX Forex Broker
Open trading account

Canadian 2020 GDP forecast lowered to +0.2% from +0.7% - Goldman Sachs

Analysts at Goldman Sachs argue that the Canadian economy is on a verge of diving into recession in the first quarter of 2020 amid the collapse in oil prices.

Key quotes

“The collapse in oil prices is pushing Canada towards recession.

2020 GDP growth forecast slashed to +0.2% from +0.7% previous.

Expects 0% in Q1, -0.5% in Q2, 0.25% in Q3 and 1% in Q4.

Bank of Canada (BOC) likely to cut by 100 basis points to take rates back to the 2009-10 low of 0.25%.”

Norwegian Krone crashes to multi-year lows vs. dollar, euro alongside oil amid the coronavirus crisis

The Norwegian Krone has come under immense selling pressure as oil prices collapsed. USD/NOK has hit a high of 9.76, unseen since the 1980s. EUR/NOK h
Read more Previous

Russian energy ministry: Russian oil to remain competitive regardless of oil price forecasts

Russia's oil sector will remain competitive despite the slump in prices and keep its share of the market, the country's energy ministry noted in a sta
Read more Next
Start livechat