OECD Increase Canada’s Economic Outlook

30 March 2012 05:30am - Florence Fullalove

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OECD Increase Canada’s Economic Outlook

The Organization for Economic Co-operation and Development (OECD) has said growth in Canada is predicted to grow by 2.5% during the first two quarters of this year. Canada is only slightly behind the United States which is forecasted to grow 2.9% and 2.8%. Canada and the US will see this increase in growth thanks to firming employment, a rebound in stock markets and credit growth and stronger consumer confidence. 

The economic forecast did say that G7 economies are expected to grow by 1.9% in the same quarters but that growth in the whole of the G7 still remains fragile. The outlook for Europe is more unsound, as rising unemployment, weak consumer confidence and tight credit all suggesting further falls in activity. Japan is expected to rebound strongly to 3.4%.

OECD’s Chief Economist Pier Carlo Padoan said, “There is a recovery which is firming with respect to pas numbers. But t is clearly coming at different speeds, with North America and the United States growing faster and the euro area still in a weak spot.” For Canada Mr Padoan said, “Canada needs to find an appropriate balance between an expansionary monetary stance supporting private-sector deleveraging and fiscal adjustment.” He added, “The situation is fragile, even though growth rates are relatively healthy. Therefore, policy in Canada should remain careful.” Padoan warned that a number of aspects will threaten recovery across the world including slowing activity in China and emerging markets, rising oil prices and a weak global demand leading to a slowdown in trade growth.


Related Links:
News Release
• Treasury Board of Canada Secretariat
Official Website
• Latest News
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• Economic Calendar
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