Markets

OECD raises outlook for Canadian economic growth to 2.2 per cent

OECD raises outlook for Canadian economic growth to 2.2 per cent

Japan's growth pace is set to remain at around 1.5% in 2018 before easing to around 1% in 2019, supported by improved export growth, especially in Asian markets, and the additional spending announced in the recent supplementary budget, OECD said.

Upgrading its forecasts, the Paris-based group in part cited USA tax cuts for the better numbers.

Alvaro Pereira, the OECD's acting chief economist, said: "US steel and aluminium tariffs will raise costs and harm consumers, while not solving the global overcapacity problem".

But its brighter outlook came with a major caveat in the wake of the US decision to slap import tariffs on steel and aluminum and the threat of retaliation by China, the European Union and others.

The boost to demand provided by Trump's tax cuts has meant that the OECD has revised up its forecast for United States growth by 0.4 points to 2.9% in 2018 and by 0.7 points to 2.8% in 2019. "Certainly we believe this is a significant risk, so we hope that it doesn't materialise because it would be fairly damaging", Pereira said.

Serena Williams to launch cosmetics line
Collins, ranked 116th and making her first appearance in the main draw, is just starting her second year on the WTA Tour. Serena Williams and sister Venus won at the BNP Paribas Open to set up a third-round clash in the desert tournament.

The UK will be the slowest-growing economy in the G20 barring South Africa if the OECD's predictions come through, with growth well behind the 2.2 per cent average expected in the Eurozone or the 2.5 per cent annual expansion in the US.

The OECD stressed that the world economy would continue to strengthen in 2018 and 2019.

Among G20 countries, only Russia's growth rate is estimated to have decreased 1.5 percent in 2017. That was higher from a November forecast of 1.2%, due to the broader global improvement. The think tank believes the United Kingdom economy will expand by 1.3% this year, up from 1.2% in November, and by an unchanged 1.1% in 2019. The outlook for 2018 US expansion was upgraded to 2.9 per cent from 2.5 per cent, and the euro area was lifted to 2.3 per cent from 2.1 per cent.

The OECD said high inflation would eat into United Kingdom household income while business investment would slow in the face of uncertainty over Britain's future relationship with the EU. Previously, the OECD had forecast growth of 2.1% and 1.9% respectively.

GDP growth in the United Kingdom is projected to ease to 1.3% this year and 1.1% in 2019. The currency bloc is forecast to grow 2.3% in 2018 and 2.1% in 2019.


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