The OECD has reduced its 2015 and 2016 economic growth forecasts for Canada, citing the drag caused by a significant drop in prices for oil and other commodities since its previous outlook in November. It is now estimating Canada’s economy will grow by 2.2 per cent this year, 0.4 less than previously thought. Next year’s forecast has been trimmed to 2.1 per cent, down 0.3. Canada is among the countries that has been affected by the sharp decline in oil and commodity prices while others, particularly in Europe and Asia, will benefit from the sharp drop in oil prices to six-year lows. Its forecast for overall global growth has been increased by 0.1 to four per cent this year and by 0.2 to 4.3 per cent in 2016.
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