Canada's economic forecast raised, now best in G7 this year: OECD

Reserve Bank assistant governor Luci Ellis

Analysts said the growth of the world's second-largest economy remains on track despite weakening indicators for August.

However, the recovery of business investment and trade remain too low to sustain healthy productivity growth, the OECD said.

"The short-term outlook is more broad-based and the upturn is promising, but there is no room for complacency", OECD Chief Economist Catherine L. Mann said in the statement. Monetary policy should remain accommodative in some economies but with an eye on financial stability so as to remain supportive of further rebalancing towards fiscal and structural initiatives.

The Organisation for Economic Co-operation and Development has upgraded its economic growth forecasts for the 19-country eurozone following a run of upbeat news from the single currency bloc. The growth outlook for 2018 was cut by 0.5 point to 7.2 percent.

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Canada is set to log the fastest growth among advanced economies this year with the country's projection raised to 3.2% from 3%.

It also says interest rate support remains necessary to ensure the recovery is sustained.

The OECD forecast that the economic growth in Euro area will be 2.1 percent this year while it will be 3.7 percent for G20 countries. That's up from the June forecast for 1.4 per cent in 2017 and 1.0 per cent in 2018.

Growth in Japan is expected to be 1.6 per cent this year and 1.2 per cent next year.

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"Rising corporate profits should help strengthen business investment through 2018", the OECD added.

The 2017 forecast is unchanged from its June calculation, while the 2018 rate has been revised upwards from 3.6% earlier this year.

Russian Federation is rebounding from a recession with higher oil prices and lower interest rates providing a near-term boost to growth, which is projected at around 2 percent in 2017 and 2018. The investment bank said China's growth remains "on track" although it may soften from 6.9 percent in the second quarter to 6.7-6.8 percent in the third quarter.

The prediction of 1pc growth for UK GDP in 2018, in this interim update of economic outlooks, would still constitute the lowest level of growth in the UK economy since 2009, during a recession.

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