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.

More news: Trump faces tough task unwinding Obama Cuba policy

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.

More news: Huma Abedin files for divorce from Anthony Weiner

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.

More news: Trump 'very forceful' with Abbas, Netanyahu on restarting peace talks

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.

YOU MIGHT ALSO LIKE
  • Crosby has no time for Subban's games in Stanley Cup Final

    Crosby has no time for Subban's games in Stanley Cup Final

    The Predators seemingly have momentum on their side, despite trailing in the series. They're pretty comfortable with each pairing, and I'm kind of seeing a bit of both.
    Washing hands in cold water 'as good as hot'

    Washing hands in cold water 'as good as hot'

    Washing your hands in hot water may be utterly pointless as scientists say cold water is just as effective to kill germs. Raymond Pontzer, director of infection prevention for UPMC in Pittsburgh, who was not involved in the study .
    USAA pulling ads from Hannity's Fox News show

    USAA pulling ads from Hannity's Fox News show

    On Tuesday , Fox News retracted a story they had published on their website about Rich's death. A few advertisers, including Cars.com, have pulled their business from Hannity's show.
  • USA spelling bee kicks off with new tie-breaker rules

    I think that's probably because of the many weeks of waiting for the momma giraffe to have her baby earlier this year. The bee is limited to students in eighth grade or below, with contestants ranging in age from 6 to 15 years old.

    Dixon invovled in scary crash

    We're yet to hear from Dixon, but Howard feels very bad about what happened and that his incident took out another vehicle . The red flag was waived bringing a temporary stop the race because of a hole made in the safety fencing.

    Gerrard on Champions League: Liverpool must not repeat past mistakes

    We are professional and a part of that is to perform when the environment is not positive. For me, it's such an exciting project.
  • Former and current teammates congratulate Edinson Volquez on no-hitter

    Former and current teammates congratulate Edinson Volquez on no-hitter

    His 384-foot drive was his third homer of the season - all three have been hit at Petco Park - and third grand slam of his career. Brett Gardner his 999th and 1,000th hits for the Yankees, who reopened a three-game lead in the AL East.

    Curry, Durant power Warriors past Cavs in Game 1, 113-91

    "They constantly break records - last year being 73-9 [a regular season record]; this year starting the playoffs 13-0". In Game 1 of the NBA Finals , Durant proved to his critics that he isn't riding anyone's coattails in this series.

    Grieving Johnson loses at French Open

    Kazakh 27th seed Putintseva enjoyed her best Grand Slam performance in Paris previous year when she made the quarter-finals. The Serbian has already beaten the Argentine in the only match between them. "I think that she played her second match ".
  • India set to launch heaviest satellite

    Launching humans into space is a feat that so far only Russian Federation , the United States and China have achieved. The satellite GSAT-19, GSLV-Mk III delivers into orbit, weighs over 3 tons - a record for the Indian space industry.
    Manchester United v Crystal Palace - story of the match

    Manchester United v Crystal Palace - story of the match

    Granit Xhaka and Danny Welbeck scored for Arsene Wenger's side, ending United's hopes of finishing in the Premier League top four. Manchester United boss Jose Mourinho lashed out at critics in his programme notes before the game with Crystal Palace on Sunday.

    Trump hails heroes at Arlington

    The president hailed Bob Dole, the former senator who suffered lifelong injuries in World War II and attended Monday's ceremony. Afterward, he visited a section of the cemetery where military members killed in the wars in Iraq and Afghanistan are buried.
popular