OECD raises outlook for Canadian economy this year, maintains global forecast

Mark Carney

Mark Carney

Meanwhile, the organization's outlook for global economic growth was unchanged at 3.5 per cent for this year and up slightly at 3.7 per cent for 2018, compared with 3.6 per cent in its previous forecast. Global growth was 3.1 percent in 2016.

The Turkish economy grew 5.2 percent in the first quarter and 5.1 percent in the second quarter of 2017. Growth was supported by stronger consumer spending and business investment and job creation has remained strong. "Structural efforts need to be intensified to bolster the nascent investment recovery, to address slow productivity growth and to ensure the recovery yields benefits for all", Mann added in her address.

In 2017, the US and Chinese economies will expand 2.1 and 6.8 percent, respectively, according to the OECD's latest Interim Economic Outlook.

The OECD forecast that the economic growth in Euro area will be 2.1 percent this year while it will be 3.7 percent for G20 countries.

Forecasts for growth of the eurozone and China have been upgraded by the OECD, as global growth increases this year and next.

Growth forecasts for Germany, France and Italy were also raised.

The Organization for Economic Co-operation and Development raised its expectations for economic growth in Canada on Tuesday as the country is expected to top the G7.

While the OECD didn't revise its forecast for the United Kingdom - which is for 1.6% growth in 2017, falling to just 1% in 2018 - it continues to expect the United Kingdom will exit the European Union without a free trade deal. The projection for next year was kept at 2.3 percent.

The OECD's latest Interim Economic Outlook report also said Japan's real gross domestic product is seen rising 1.6 percent in 2017, up 0.2 point from the June report. India's growth estimate was cut to 6.7% from 7.3% previously, due to the impact of reforms on goods and services tax.

Brazil had its forecast for this year slashed by 0.1 point to 0.6 percent, while the prediction for next year was left unchanged at 1.6 percent.

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