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

Traffic heading south on Highway 17 and looking to turn left onto Beacon Avenue wait for the light to turn Tuesday morning. A report finds the intersection is experiencing “failing levels of service” for certain movements during the morning peak hours as well as the afternoon peak hours. (Wolf Depner/News Staff)
Major Sidney intersection already deficient predicted to get worse

New report also finds area’s pedestrian and cycling infrastructure in need of improvement

This property, at 1980 Fairfield Place, is adjoined to Gonzales Hill Park and is the centre of community opposition and a B.C. Supreme Court case as owners are looking to build a single-family home on the lot. Jake Romphf/News Staff
Home construction near Victoria’s Gonzales Hill Park spurs legal battle

Gonzales Hill Preservation Society worried about impacts to the park’s wildlife, rare fauna, views

The artist rendered Sadie with a few more ribs and wrinkles than she had in real life, and with the fading of her paint she looks a little sad. But real-life Sadie was an energetic hunting dog, her owner Cliff Curtis said. (Zoe Ducklow/News Staff)
Dog sculpture at Glen Lake Park based off a happy hunting hound

Sadie the dog was not as old as the concrete art looks almost 20 years later

Demonstrators at the legislature on April 14 called on the province to decriminalize drug possession and provide widespread access to regulated safe supply across B.C. (Jake Romphf/News Staff)
Rally calls for decriminalization, safe supply as overdose emergency turns 5

From 2016 to the end of February, 7,072 British Columbians died due to overdose

An employee at Sidney’s Thrifty Foods tested positive for COVID-19, the parent company Sobeys posted on its website Wednesday. (Wolf Depner/News Staff)
COVID-19 case reported at Sidney grocery store

Thrifty Foods employee last worked at the store April 3

(Black Press Media file photo)
POLL: Do you have a plan in place in the event of a tsunami?

Tsunamis have claimed the lives of more than 250,000 people between 1998… Continue reading

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of April 13

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

(Government of Canada)
Liberal MP caught stark naked during House of Commons video conference

William Amos, in Quebec, appeared on the screens of his fellow members of Parliament completely naked

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature, Feb. 1, 2020. (B.C. government)
B.C.’s COVID-19 case count jumps to 1,168 Wednesday, nearly 400 in hospital

Now 120 coronavirus patients in intensive care, six more deaths

Moss covered branches are seen in the Avatar Old Growth Forest near Port Renfrew on Vancouver Island, B.C. Thursday, Sept. 29, 2011. THE CANADIAN PRESS/Jonathan Hayward
B.C. blockades aimed at protecting old-growth forests reveal First Nation split

Two Pacheedaht chiefs say they’re ‘concerned about the increasing polarization over forestry activities’ in the territory

One of the grand prizes for this year's Hometown Heroes Lottery includes a seaside home at SookePoint, $1.5 million, and an Audi Quattro. (Photo courtesy of Hometown Heroes)
Hometown Heroes Lottery features seaside home in Sooke

A stunning seaside home in Sooke could be yours for the price… Continue reading

City workers from Duncan were busy recently putting up street signs in both Hul’q’umi’num’ and English. (Submitted photo)
Hul’q’umi’num street signs installed in downtown Duncan

Partnership with Cowichan Tribes sees English street names twinned with Indigenous language

Homicide investigators who asked not to be identified put up signs Wednesday, April 14, along the Nanaimo Parkway in the area where a body was found March 31. RCMP are asking for witnesses or dash cam footage as the suspicious death has now been ruled a homicide. (Chris Bush/News Bulletin)
Suspicious death along the highway in Nanaimo now being investigated as a homicide

RCMP identify victim as Randell Charles Thomas, repeat call for any information related to the case

Most Read