Where is Canada’s economy headed? Notes for the new finance minister

Canada's new finance minister Bill Morneau is stepping into the role amid great uncertainty for the nation's economic prospects. The economy has perked up in recent months, but languished in a brief technical recession to start the year. Still, the global outlook is shaky, and with abundant supply keeping a lid on oil prices, Canada's resource-rich provinces may struggle for the foreseeable future.

So where is the economy headed? Two new research notes – from Bank of America Merrill Lynch and Bank of Nova Scotia – offer some projections.