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OTTAWA — Canadians shouldn’t be surprised if economic growth continues to moderate during 2018 and into the next year, if not farther out. Nor should a steady uptick in interest rates, in tandem with the milder-but-steadier growth trajectory, come as a shock.

Both those trends, after all, began to take root midway through 2017.

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What may not be as evident, according to some of the country’s top economists, are the longer-term effects of tighter domestic housing regulations and shifting global trade policies, both now in a state of flux.

I believe NAFTA is the number one risk for the Canada economy in 2018

“This was a highly unusual year for the global economy, with heightened political uncertainty accompanied by strong financial market performance and accelerating economic growth,” said Craig Wright, senior vice-president and chief economist at RBC Economics Research.

“Canada’s robust growth in 2017 is likely to moderate somewhat in 2018 as key economic drivers shift, but we still anticipate the economy will continue to outperform its potential.”