Risks are rebalancing, says Scotiabank

TORONTO — Economic activity remains weak worldwide, according to Scotiabank’s latest Global Outlook report, with this year’s roughly 3% global growth rate one of the lowest since the recession. Contributing factors vary by country, and include natural disasters, the outcome of the UK referendum on EU membership, and impending elections in several countries, notably the U.S.  Rising oil prices could contribute to an uptick in U.S. investment activity and Canadian exports. The bank’s risk assessment points to a balanced forecast for North America, although growth of only 2% in Canada and 2.2% in the U.S. is expected over the next two years.