Lower prices for oil, coal and metals are hampering countries that depend heavily on commodity exports, such as Canada.
September 16, 2015
by The Canadian Press
PARIS — The OECD has lowered its estimate for Canada’s economic growth this year to 1.1% – down 0.4 of a percentage point – as weakened conditions in recent months affect many countries around the world.
The Paris-based economics organization says that lower prices for oil, coal and metals are hampering countries that depend heavily on commodity exports, such as Canada and Australia.
It has also lowered its estimate for Canada’s economic growth next year to 2.1%, a decline of 0.2 of a point from the OECD’s forecast in June.
Its estimate for economic growth around the world has been lowered to 3% this year, down from 3.1%. For next year, world economic growth is pegged at 3.6%, down 0.2% from the June estimate.
It lowered growth estimates for many countries, including Japan, China, France, India and Brazil, but that was partially offset by a higher estimate for growth this year in the United States.
The estimate for 2015 growth in the US has been raised by 0.4 point to 2.4%. For next year, the OECD trimmed its US estimate by 0.2 point to 2.6% – the highest among advanced economies.
© 2015 The Canadian Press