The Organization for Economic Co-operation and Development (OECD) has raised its expectations for economic growth in Canada and now expects the Canadian economy to outperform other G7 nations through 2017 and into 2018.
The Paris-based economic think tank, whose global forecasts are closely watched by economists and monetary traders, says it now expects the Canadian economy to grow by 3.2% in 2017, and be the best performer among the Group of Seven (G7) countries. This new forecast for Canada’s economic growth is up from a previous outlook issued in June of 2.8% growth this year.
In its latest report, the OECD maintained its Canadian economic outlook for 2018 at 2.3% growth.
At the same time, the organization's outlook for global economic growth remained unchanged at 3.5% for this year, and up slightly at 3.7% for 2018, compared with 3.6% in its previous forecast.
The OECD now says that it anticipates that the Eurozone will grow by 2.1% this year, 0.3 percentage points more than its previous prediction in June. That means the OECD is expecting European growth this year to match the U.S.
In 2018, the OECD is forecasting growth of 1.9% for Europe, 0.1 percentage point more than previously thought, but below its 2.4% projection for the U.S. The big European economies are Germany, France and Italy.
OECD expectations for the U.S. were unchanged in the latest report at 2.1% this year and 2.4% next year.
