The International Monetary Fund has cut itsgrowth outlook for the Canadian economy to just 1% for the year, due to the drop in oil prices and reduced investment in the energy sector.

This forecast, issued Tuesday, is down from the IMF’s expectation in July for Canadian growth of 1.5%. The organization also lowered its Canadian outlook for 2016 to 1.7% from 2.1%.

Meanwhile, the IMF said the world economy would grow only 3.1% this year, the lowest since 2009, although it increased its estimate for the United States to 2.6% for this year from a July forecast of 2.5%.

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