April 6, 2011- The Organization for Economic Co-operation and Development (OECD) stated today that Canada is on mark to lead all Group of Seven states in GDP growth for the first 6 months of 2011.
The OECD indicated it is now more certain that the world economic recovery has stabilized, as new data has surpassed its prior expectations from the beginning of the year. Business investment and exports are behind the strength this improvement, the French-based agency added.
“The outlook for growth today looks significantly better than it looked a few months back,” said the OECD chief analyst, Pier Carlo Padoan.
In a breakdown of the G7 countries, Canada is the clear-cut leader – as estimates for first-quarter GDP growth of over 5 per cent in the April-to-June period, well surpassing projections from the other G7 countries. In the OECD’s previous full economic forecast at the end of 2010, the economic agency had predicted that Canada would experience annualized growth of 2.4 per cent in the first three months and 2.6 per cent in the second quarter.