Global economic growth is slowing, including in Canada, according to new data from the Organization for Economic Co-Operation and Development (OECD).
The OECD issued its latest global economic forecast on Monday, and says that the outlook has gotten progressively worse over the past year. The data, known as the OECD's "Composite Leading Indicators," has a track record of anticipating turning points in the world economy six to nine months before they happen. OECD analysts look at things such as order backlogs, business inventories, business confidence surveys and many other indicators to get a handle on where things are headed.
A reading below 100 implies that the economy is growing at less than its long-term average. Canada’s rating currently stands at 99.1. The figure for all OECD nations as a whole is at 99.3, the lowest overall figure since 2012. Brazil, India, Russia and a handful of other countries are bucking the slowdown, and are all currently growing at or above their usual pace, the OECD's data shows. Monday's numbers are based on readings taken last November.
"In the United States and Germany, the tentative signs of easing growth that were flagged in last month's assessment, have been confirmed," the international agency said in a news release. "With easing growth momentum remaining the assessment for Canada, the United Kingdom and the Euro area as a whole, including France and Italy."
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