Published: Fri, September 22, 2017
Medical | By Ismael Lynch

Canada's economic forecast raised, now best in G7 this year: OECD

Canada's economic forecast raised, now best in G7 this year: OECD

The Paris-based economic think tank now expects the Canadian economy to grow by 3.2 per cent this year, outperforming every other country in the G7 group of advanced economies (i.e. France, Germany, Italy, Japan, the United Kingdom, and the U.S.).

Britain's decline, as seen by the OECD, is relative.

In June, the OECD expected Canada's 2017 growth to come in at 2.8 per cent.

Also unchanged was the OECD's forecast for British economic growth to slow to 1.6 percent this year and 1.0 percent next year.

China's economic growth will reach 6.8 percent year-on-year in 2017, although it may moderate next year to 6.6 percent, according to a forecast released on Sept 20 by the Organization for Economic Cooperation and Development. Monetary policy should remain accommodative in some economies but with an eye on financial stability so as to remain supportive of further rebalancing towards fiscal and structural initiatives.

Major emerging market economies also improved overall, with China's growth projected to 6.8% in 2017 and 6.6% in 2018.

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The UK economy remains a laggard, however.

The euro area is projected to grow at a 2.1 percent rate in 2017 and a 1.9 percent pace in 2018 - upward revisions from previous projections driven by stronger growth in key European countries. That's 0.3 percentage point more than its previous prediction in June and means the region will match the expected growth rate of the USA, which was left unchanged.

While presenting these latest forecasts, OECD chief economist Catherine L. Mann said the world economy is in a positive place right now. Global growth was 3.1% in 2016.

Growth in Japan is expected to be 1.6 per cent this year and 1.2 per cent next year.

The rebound in global growth is not yet secure, the OECD warned Wednesday, with weak investment by businesses and slow growth in trade and wages raising doubts whether the current momentum will be sustained. It calls for better use of tax and spending policies to achieve more inclusive growth and says increased structural reform efforts will be needed across all countries to boost productivity, wages and skills.

The relative slowdown was due to the implementation of a goods and services tax and the sudden withdrawal late past year of higher denomination banknotes.

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