OECD slashes estimate of Canadian growth to 1.1% in 2015
The OECD has lowered its estimate for Canada's economic growth this year to 1.1 per cent — revised downward from its June estimate of 1.5 per cent — as global growth stagnates.
Its June estimate was itself revised downward from the 2.6 per cent growth for this year it projected in late 2014.
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 per cent, a decline of 0.2 of a point from June.
The news came amid signs of a better outlook for the manufacturing sector in Canada. Statistics Canada reported Wednesday that manufacturing sales rose 1.7 per cent to $52.2 billion in July, led by a 5.6 per cent gain in the auto sector.
That comes on top of a gain in May of 0.7 per cent and June of 1.5 per cent, with both numbers revised upward.
But the OECD points to uncertainty around China's future and the vulnerability of emerging economies with debt in U.S. dollars as big question marks for 2015 and 2016.
http://www.cbc.ca/m/news/business/oecd-slashes-estimate-of-canadian-growth-to-1-1-in-2015-1.3230321
The OECD has lowered its estimate for Canada's economic growth this year to 1.1 per cent — revised downward from its June estimate of 1.5 per cent — as global growth stagnates.
Its June estimate was itself revised downward from the 2.6 per cent growth for this year it projected in late 2014.
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 per cent, a decline of 0.2 of a point from June.
The news came amid signs of a better outlook for the manufacturing sector in Canada. Statistics Canada reported Wednesday that manufacturing sales rose 1.7 per cent to $52.2 billion in July, led by a 5.6 per cent gain in the auto sector.
That comes on top of a gain in May of 0.7 per cent and June of 1.5 per cent, with both numbers revised upward.
But the OECD points to uncertainty around China's future and the vulnerability of emerging economies with debt in U.S. dollars as big question marks for 2015 and 2016.
http://www.cbc.ca/m/news/business/oecd-slashes-estimate-of-canadian-growth-to-1-1-in-2015-1.3230321
