The Organization for Economic Co-Operation and Development has released a report showing that economic growth has stagnated in many of the major industrialized countries. The fiscal debates in the United States, fewer resources to boost economies and the European debt crises have all been major contributors to and erosion of consumer and business confidence. The chart below shows that Canada is far from immune to these issues. An annualized GDP growth rate of 3.6% in Q1 of 2011 changed to a decline of 0.4% in Q2 or a decrease of 4%, exceeded only by Germany. The OECD outlook for the third and fourth quarters is somewhat brighter with growth expectations of 1% and 1.9% respectively.