TORONTO—Canada’s economic growth this year will slow to 1.2 per cent, about half of what it was last year, before gaining strength in the next two years, says a report released by the Organization for Economic Co-operation and Development.
The Paris-based economic think tank estimates Canada’s gross domestic product, which grew by 2.4 per cent in 2014, won’t get back to that level for at least two more years.
It’s estimating Canada’s 2016 economic growth at 2.0 per cent and 2.3 per cent for 2017.
The figures follow a pattern laid out by the Bank of Canada last month, with some variations.
Canada’s central bank said on Oct. 21 that its 2015 GDP estimate remained at 1.1 per cent, while it lowered the 2016 and 2017 estimates to 2.0 per cent and 2.5 per cent, respectively.
By comparison, the OECD estimates the United States will grow 2.4 per cent this year, 2.5 per cent in 2016 and 2.4 per cent in 2017 _ outpacing most other G7 countries by a wide margin each year.
The United Kingdom is the only G7 country to come close to the U.S. in each of the three years.