OECD latest international body to call out Canada on housing markets

Jun 08, 2017, 01:51
OECD latest international body to call out Canada on housing markets

The forecast was raised from 3.3% predicted in November.

It its latest Economic Update report, entitled "Better, But Not Good Enough", the Paris-based think tank said it expects global GDP to grow at a 3.5% clip this year and at a 3.6% pace in 2018, thanks in part to stronger business and consumer confidence, recovering trade flows and improving unemployment dynamics.

Growth projections for the United Kingdom for this year and next was retained at 1.6 percent and 1 percent, respectively.

The OECD also said increased trade and investment flows had offset a weaker outlook in the USA, while German growth is helping to boost the eurozone economy, with 2017 growth forecasts at 1.8% for the latter and 2.1% for the former.

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However, it revised down its gross domestic product (GDP) forecast this year to 2.1 percent this year and 2.4 percent next year from previous estimates of 2.4 percent and 2.8 percent respectively.

Japan's economy is estimated to expand 1.4 percent in 2017, up from a 1.2 percent increase projected in March, and 1.0 percent in 2018, up from 0.8 percent.

Although modest growth is projected, the OECD warned more needs to be done for the world economy to emerge from its "low growth trap".

Growth was helped by an acceleration in exports thanks to improved demand from Europe and competitiveness gains delivered by exchange rate depreciation, it said.

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Russian Federation will also turn the corner reaching 1.5 per cent growth in 2017 and 2 per cent in 2018.

"It is a path toward normalization and is consistent with what the European Central Bank has been saying", said Catherine L. Mann, the OECD's chief economist, of its new advice.

"Given elevated uncertainties, policies should firmly focus on underpinning stability and making the economy resilient against shocks", the OECD said.

The OECD stressed the need for labor reform that will reduce the wage gap between regular and nonregular workers and remove "obstacles" to the employment of women by making childcare more affordable and promoting work-life balance.

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But the OECD noted that external and internal risks such as the emergence of trade protectionism, diplomatic tensions with China and mounting household debt will likely weigh heavily on Asia's fourth-largest exports-oriented economy. In 2016, the global economy grew 3 percent.

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