The Bank of Canada left its policy rate unchanged on January 22, saying it expected slower growth in the near term.

The central bank has kept its policy rate at 1.75% since October 2018. It now estimates growth was 0.3% in the fourth quarter of 2019, and will be 1.3% in the first quarter of 2020.

Its outlook for both quarters is about 0.75 percentage points lower than it previously forecasted.

The reduced growth estimates is a result of weak export, business investment and job creation, the