Mark Carney to cut Canada's growth forecasts The 47-year old, whose surprise appointment last week was greeted with euphoria, took the London job as Canada faces weakening demand for exports and a household sector that is expected to slow. Canada's growth weakened to an annual rate of 0.6pc in the third quarter, figures last week showed, missing the Bank of Canada's forecast for 1pc. Few expect the Canadian economy to expand at the 2.5pc rate this quarter currently predicted by the Bank of Canada, where Mr Carney has been governor since 2008. Mr Carney, who takes over from Sir Mervyn King as governor next July, faces the dilemma of trying to slow the build up of debt by Canadian consumers even as the backdrop for the country's powerful export sector deteriorates. Household spending was a bright spot in the third quarter, but both the Bank of Canada and the country's finance ministry are trying to ease households reliance on debt after its ratio to income reached a record high earlier in the year. "It really looks as it households were bearing the burden (last quarter) and there are reasons not to be super optimistic about the outlook," said Peter Buchanan, an economist at CIBC in Toronto. Benjamin Reitzes, an economist at BMO Capital Markets, said: "It is tough going for the Canadian economy." Although Mr Carney is credited with successfully steering the Canadian economy through the global financial crisis, economists say the headwinds for the Canadian economy are building.