OECD Says Slow Growth Ahead For Canada

07 September 2012 13:00 - Mark Maffia

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OECD Says Slow Growth Ahead For Canada

According to the Organization for Economic Co-Operation and Development, Canada’s economy is expected to grow at an annualized rate of 1.3% in the third quarter and by 1.9% in the fourth.

The Paris based think tank also said that of all the members of the G7 economies, Canada will be second behind the United States which is expected to see growth of 2% in the third quarter and 2.4% in the fourth. The OECD says the world economy is slowing, with key countries entering a recession that is having a global impact.

Pier Carlo Padoan, OECD chief economist said that the G7 economies are expected to grow at an annualized rate of just 0.3% in the third quarter and 1.1% in the last quarter of the year. Padoan said, “Our forecast shows that the economic outlook has weakened significantly since last spring.” He added, “The slowdown will persist if leaders fail to address the main cause of this deteriorating, which is the continuing crisis in the euro area. “

For the time being, “certainly Canada is being affected. But I would say the main channel to which Canada is affected is largely through the United States performance,” Mr Padoan said.“So there is only a minor direct affect coming from the euro area to Canada. And this, in a way, provides some partial protection for the negative elements coming from the euro area.”

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