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OECD cuts Canadian economic growth forecast

Growth next year is expected to be 2.1 percent, down from its earlier estimate


September 21, 2016
The Canadian Press
The Canadian Press

OTTAWA—The Organization for Economic Co-operation and Development slashed its growth estimate for Canada this year as it trimmed its outlook for the global economy.

In its latest interim economic outlook, the OECD says weak trade growth and financial distortions are exacerbating slow global economic growth.

The think-tank says it expects the Canadian economy to grow by 1.2 percent this year, half a percentage point lower than its outlook in June.

Growth next year is expected to be 2.1 percent, down from its earlier estimate of 2.2 percent.

The OECD cut its global forecast to 2.9 percent for this year from its June estimate of 3.0 percent. That’s slightly below the 3.1 percent growth seen last year.

Global growth next year is predicted to 3.2 percent, down from an earlier forecast for 3.3 percent.

News from © Canadian Press Enterprises Inc. 2016