Policy Report: Projection Period and Bank

policy report: Among the projections, the bank for the first time released numbers on the potential impact of the U.K. referendum last month to exit the EU, also known as Brexit, according to National Observer. It said the fallout from the vote will lower global GDP by 0.2 per cent by the end of 2018, with most of that expected to be tied to an extended period of uncertainty around investment."The impact on the level of Canadian GDP over the projection period is likewise anticipated to be modest, about −0.1 per cent, reflecting, among other factors, Canada small direct trade exposure to the UK," the bank said in its latest monetary policy report. The central bank forecast was released Wednesday along with its scheduled announcement on its benchmark interest rate, which governor Stephen Poloz left at its rock−bottom level of 0.5 per cent, as expected. The bank underlined the difficulty of determining the scope of Brexit impact on factors like financial conditions, trade and confidence."Assessing all of these effects is particularly challenging, since many important elements will be understood only as the process unfolds," the report said. The fires cut oil production, led to Fort McMurray evacuation and destroyed more than 2,000 structures. The report also provided a more−detailed assessment of the effects of the huge Alberta wildfires that erupted in May. (www.immigrantscanada.com). As reported in the news.