The expected increase in Canadian economic growth will be "supported by fiscal initiatives, export-market growth and the slowdown in commodity-related investment bottoming out," said the organization in its Interim Economic Outlook. Warning on rapid home price gainsHowever, the OECD again raised a red flag about the rapid increase in house prices in Canada and other countries including Australia, Sweden and the United Kingdom. The OECD works with the governments of 35 member countries, including Canada, and major non-member countries including China, India and Brazil to collect data and analyze economic trends around the world. The OECD report said the U.S. and Canada are projected to lead the Group of Seven countries in economic growth this year, with the next highest G7 country being Germany at 1.8 per cent GDP growth. Global economic growth for 2018 is forecast to be 3.6 per cent.

Source: CBC News March 07, 2017 14:50 UTC