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OECD cuts growth forecast for Canada in 2015 and 2016

Paris-based think-tank of wealthy nations says economy will expand by 2.2% this year

By The Canadian Press

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.

Read more » CBC
See more » http://www.cbc.ca/news/business/oecd-cuts-growth-forecast-for-canada-in-2015-and-2016-1.2999555

Canadians trimming food budgets in face of higher prices, RBC says

Bank report suggests as much as 91 per cent of Canadians plan to cut back food spending.

By Allison Brogan, CBC News

Canadian families are planning to cut back on the amount they spend at the grocery store in the face of rising food prices, a new report from one of Canada’s largest banks said Thursday.

The RBC Canadian Consumer Outlook Index showed Canadians’ are displeased with rising food prices at the grocery store.

As much as 91 per cent of respondents to the survey said they have taken notice of rising food prices and are being more budget oriented as a result.

Read more » CBC
http://www.cbc.ca/news/business/story/2013/05/16/business-rbc-food.html

CBC – Canadian quality of life hammered by recession

Index shows turnaround in GDP growth no boost to quality of life

Canada’s economy may well be muddling through, but on a more personal level, Canadians generally are not, a new study of well-being suggests.

The Canadian Well-being Index, led by researchers at the University of Waterloo, shows that quality of life in Canada deteriorated by 24 per cent between the onset of recession in 2008 and 2010.

Canada’s main economic indicator, gross domestic product, only declined by about 8.3 per cent over the same period and began to make a turnaround by the end of 2010. ….

Read more » CBC
http://www.cbc.ca/news/canada/story/2012/10/23/well-being-index-canadians.html