The Organization for Economic Co-operation and Development is taking a markedly dimmer view of Canada’s economy, though its latest forecast is far more upbeat than some other projections.
The OECD now projects economic growth of just 1.4 per cent in Canada this year as the oil shock wreaks havoc on parts of the country, with a ripple effect outward. That’s well shy of its earlier call in November for 2 per cent.
The group also warned of trouble around the world, saying a “stronger collective policy response is urgent.”
Global economic growth will be flat this year, according to the group, notable in that 2015 marked the slowest in five years.
““The downgrade in the global outlook since the previous economic outlook in November 2015 is broadly based, spread across both advanced and major emerging economies, with the largest impacts expected in the United States, the euro area and economies reliant on commodity exports, like Brazil and Canada,” it warned.
Where Canada is concerned, its latest forecast is far more upbeat than some other projections.