The OECD has lowered its estimate for Canada’s economic growth this year to 1.1 per cent — 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 per cent, 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 3.0 per cent this year, down from 3.1 per cent. For next year, world economic growth is pegged at 3.6 per cent, down 0.2 per cent 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 United States has been raised by 0.4 point to 2.4 per cent. For next year, the OECD trimmed its U.S. estimate by 0.2 point to 2.6 per cent — the highest among advanced economies,