Canadian and American flags fly near the Ambassador Bridge at the Canada-USA border crossing in Windsor, Ont. on Saturday, March 21, 2020. The Organization for Economic Co-operation and Development says the Canadian economy could benefit from a faster economic rebound in the United States this year. THE CANADIAN PRESS/Rob Gurdebeke

Canadian and American flags fly near the Ambassador Bridge at the Canada-USA border crossing in Windsor, Ont. on Saturday, March 21, 2020. The Organization for Economic Co-operation and Development says the Canadian economy could benefit from a faster economic rebound in the United States this year. THE CANADIAN PRESS/Rob Gurdebeke

Canada to benefit from U.S. rebound, says OECD

Report says Canada’s economy is expected to grow 4.7% this year, while the U.S. is slated to grow 6.5%

The Organization for Economic Co-operation and Development says Canada could benefit from a faster economic rebound in the United States this year.

The OECD’s new forecast says the world economy is bouncing back from the COVID-19 pandemic crisis faster than expected, thanks in part to successful coronavirus vaccines and U.S. stimulus efforts, but the improvements are uneven and joblessness remains a big concern.

The OECD now expects global output to surpass pre-pandemic levels by the middle of this year, and raised its expectations for global gross domestic product growth this year and next year.

But the organization warned of divergence in progress, with faster growth in China and the U.S. while some other regions are expected to continue struggling until the end of 2022.

The report says Canada’s economy is expected to grow 4.7 per cent this year, while the U.S. is slated to grow 6.5 per cent.

The organization says that strong fiscal support in the U.S. should lead to beneficial spillovers for other economies, particularly Canada and Mexico.

— With files from the Associated Press

The Canadian Press

CoronaviruseconomyUSA

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Members of the community garden hosted their first seed swap and fundraiser at the Greenwood Mall in Sparwood on Monday. (Scott Tibballs / The Free Press)
Sparwood Community Garden hosts first seed swap

Work on the garden at Engelmann Spruce Drive will begin soon

Crews and volunteers responded to a four-hectare wildfire on the lower half of the Aqam community lands near Cranbrook on Friday afternoon. Trevor Crawley photo.
Wildfire season gets early start in the East Kootenay

Fire crews, volunteers respond to two local wildfires, while prescribed burns turn weekend skies smoky

A conceptual image of a multi-family housing development envisioned by Abugov Kaspar Architects to go on a lot in Castle Mountain in Fernie. (Image courtesy of City of Fernie)
City defers zoning decision

A zoning change would permit a development with 15 percent rental tenure residences in Castle Mountain

Rob and Jennifer King run Sasquatch Cyclery out of their garage. (Soranne Floarea/ The Free Press)
‘Hop on it now’: Parts crunch hits cycling

New bikes are hard to get and used bikes are selling at a premium this year

Michel-Natal-Sparwood Heritage Society runs a museum that was established to display the heritage of the "no-longer towns" of Michel and Natal, and the Elk Valley Area. Photo Submitted/Monica Beranek, Artifact Curator
Sparwood Museum requests a leg up to stay open full-time

The museum is volunteer-run, but needs a full-time employee to be able to snag much-needed grants

Pub patio in Victoria reopens with widely spaced tables, June 2020. Restaurants and pubs across are restricted to take-out and patio service only until May 25 at the earliest. (Tom Fletcher/Black Press)
B.C. extends COVID-19 indoor dining, group fitness ban until May 25

Don’t travel outside your region, Dr. Bonnie Henry warns

Pharmacist Barbara Violo arranges all the empty vials of the Oxford-AstraZeneca COVID-19 vaccines that she has provided to customers at the Junction Chemist which is a independent pharmacy during the COVID-19 pandemic in Toronto, on Monday, April 19, 2021. THE CANADIAN PRESS/Nathan Denette
B.C. to target people ages 40+ in ‘high risk communities’ with AstraZeneca vaccine

A total of 13 neighbourhoods and communities will receive the AstraZeneca vaccine

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Carver Ken Sheen had almost finished work on a large cowboy carving commissioned by the City of Williams Lake to replace the original overlooking the Stampede Grounds when fire broke out Friday, April 18 at his property between Williams Lake and Quesnel. (Pine River Carving Facebook photos)
Cow boss statue destined for Williams Lake Stampede Grounds goes up in flames

Carver Ken Sheen lost the statue, all his tools and his shop in the blaze

B.C. Labour Minister Harry Bains. (Hansard TV)
B.C. moves to protect employee pay for COVID-19 vaccination

Most won’t need to take time off work, labour minister says

New figures show Canadian housing prices outpacing those in other developed countries. (Black Press Media file photo)
Canadian housing prices fastest rising in the world

Relative to 2000, housing prices have risen by a factor of more than 2.5

Russ Ball (left) and some of the team show off the specimen after they were able to remove it Friday. Photo supplied
80-million-year-old turtle find on B.C. river exciting fossil hunters

Remains of two-foot creature of undetermined species will now make its home at the Royal BC Museum

Most Read