MNI BRIEF: Canada Export Bank Boosts 2020 GDP View, Cuts '21

Canada's export bank has raised its domestic growth forecast for 2020 but trimmed its 2021 outlook, citing the bounceback from the the Covid-19 lockdown this year, but warning progress won't be sustained as the pandemic continues.

Export Development Canada sees 2020 domestic GDP falling 5.8% this year, better than the June prediction of -9%. It sees 2021 growth at 5.7%, down from a June prediction of 7.2%, citing weak prices for most commodities including oil and natural gas.

Canada's dollar will remain in the 73-75 U.S. cent range and the BOC's key rate will remain at 0.25% through next year, EDC predicts.