Paris-based think-tank of wealthy nations says economy will expand by 2.2% this year
The OECD has reduced its 2015 and 2016 economic growth forecasts for Canada, citing the drag caused by a significant drop in prices for oil and other commodities since its previous outlook in November.
The Paris-based organization is now estimating Canada’s economy will grow by to 2.2 per cent this year, 0.4 less than previously thought. Next year’s forecast has been trimmed to 2.1 per cent, down 0.3.
The OECD says Canada is among the countries that has been affected by the sharp decline in oil and commodity prices while others, particularly in Europe and Asia, will benefit from sharp drop in oil prices to six-year lows.
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