Canadian economy will be among those hit hardest by global slowdown, says OECD [Video]

Global economic growth is slowing more than was expected only a few months ago, as the fallout from the Trump administration’s trade war continues, the OECD said on Tuesday, and Canada is among the countries where the downturn is most concentrated.

The Organization for Economic Co-operation and Development (OECD) revised down its outlook, trimming its estimates from March for growth of 3.1 per cent this year and 3.0 per cent next year. The global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, it said.

“The slowdown is concentrated in the United States, Canada, Mexico and China, with other economies expected to see smaller downward adjustments,” the Paris-based organization said in its latest economic outlook.

The growth outlook would likely be even weaker if protectionism increases, further fuelling inflation, disrupting supply chains and rattling financial markets, it added.

“Additional …