OECD predicts Canada’s growth will surpass other member countries
Posted May 26, 2010 9:36 pm.
This article is more than 5 years old.
PARIS — A Paris-based think tank is revising its projections sharply upward for growth in both Canada and the U-S.
The Organization for Economic Co-operation and Development predicts Canada’s growth will be ahead of most other member countries this year at 3.6 per cent.
That’s up from a growth forecast of two per cent in its last biannual Economic Outlook report in November.
The O-E-C-D predicts the U-S economy will expand at a rate of 3.2 per cent in 2010, up from 2.5 per cent six months ago.
The group’s latest outlook says the recovery in the world’s richest countries is accelerating thanks to a “substantial” rebound in trade and growth in Asia.
But the watchdog for 31 of the world’s most developed countries warns austerity measures are needed to reduce government deficits.
It also warns the “relatively auspicious” economic environment is faced with serious risks — including Europe’s sovereign debt crisis.
But the O-E-C-D is even raising its growth outlook there — saying the economies of the 16 countries sharing the euro are now expected to grow by 1.2 per cent this year.
That compares to a November forecast of 0.9 per cent.
