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Economy

OECD lifts global growth outlook as US, China outperform expectations – Al Jazeera English

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Paris-based organisation predicts global economy to expand by 3.1 percent this year and 3.2 percent in 2025.

The Organisation for Economic Co-operation and Development (OECD) has upgraded its outlook for the global economy on the back of stronger-than-expected growth in the United States and China.

The global economy is forecast to grow 3.1 percent this year and 3.2 percent in 2025, the Paris-based organisation said on Thursday,

The revised outlook compares with projections in February of 2.9 percent in 2024 and 3 percent next year.

“There are some signs that the global outlook has started to brighten, even though growth remains modest. The impact of tighter monetary conditions continues, especially in housing and credit markets, but global activity is proving relatively resilient, inflation is falling faster than initially projected and private sector confidence is now improving,” the intergovernmental organisation said.

The OECD said that the pace of recovery diverged widely across countries, “with softer outcomes in Europe and most low-income countries, offset by strong growth in the United States and many large emerging-market economies”.

Among major economies, the US was forecast to grow 2.6 percent this year and 1.8 percent in 2025, up from 2.1 percent and 1.7 percent, respectively.

China, the world’s second-largest economy, was expected to expand by 4.9 percent in 2024 and 4.5 percent next year, compared with 4.7 percent and 4.2 percent, respectively.

The eurozone was expected to hit 0.7 percent growth this year and 1.5 percent growth in 2025, a rise from 0.6 percent and 1.3 percent, respectively.

The outlook for the United Kingdom was downgraded, with growth expected to reach 0.4 percent this year and 1 percent in 2025, down 0.3 percent and 0.2 percent, respectively.

The OECD said “substantial uncertainty” continued to cloud the global outlook, including tensions in the Middle East, although risks were becoming “better balanced”.

“High geopolitical tensions remain a significant near-term adverse risk, particularly if the evolving conflicts in the Middle East were to intensify and disrupt energy and financial markets, pushing up inflation and reducing growth,” it said.

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Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says levels of food insecurity rose in 2022

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OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says manufacturing sales fell 1.3% to $69.4B in August

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OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.

The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.

The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.

Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.

Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.

Overall manufacturing sales in constant dollars fell 0.8 per cent in August.

This report by The Canadian Press was first published Oct. 16, 2024.

The Canadian Press. All rights reserved.

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