The Organization for Economic Co-Operation and Development says Canada's economy will grow by less than the country's inflation rate this year, which is proving a much worse performance than previously expected and below the low bar set in 2015.
In a quarterly report on the global economy published Wednesday, the OECD says Canada's economy will grow by about 1.2% this year, considerably lower than the modest 1.7% growth the group of wealthy nations was expecting as recently as June.
However, Canadians are not alone, as OECD adds the world economy is only expected to grow by 2.9% this year. That's less than the 3.1% growth seen last year, which was generally viewed as a weak year for the world's economy.
Global growth next year is predicted to progress 3.2%, down from an earlier forecast for 3.3%.
The group blames a general slowdown in international trade for the dropoff, a phenomenon that's radiating out from Asia but impacting economies everywhere.
