The Organization for Economic Co-operation and Development (OECD) has dramatically cut its growth forecast for Canada’s economy for 2015-2016 in a new report released Mar. 18.
The updated economic predictions changed projected growth from the initial 2.6 per cent to 2.2 per cent.
The 2016 forecast dropped from the predicted 2.4 per cent to 2.1 per cent.
OCED’s report is one of many that highlight the hit Canada, particularly Alberta, is set to face due to the mounting job losses and budget cuts in the oil patch.
Revised predictions for the United States, Britain, Germany Italy, France and Japan remain relatively unchanged.