Canada among countries worst hit by global economic slowdown

 

 

A new report has revealed that Canada may be hit the hardest by the global economic slowdown. The report warns that Canada's future will be bleak. This is stated in the 2025 economic outlook released by the Organization for Economic Cooperation and Development (OECD). The report says that it is not good for countries engaged in a trade war with the United States.

The economic outlook predicts that global growth will decline from 3.3 percent in 2024 to 2.9 percent in 2025 and 2026. The recession is expected to be most pronounced in the United States, Canada, Mexico and China.
Rising trade barriers, tighter economic conditions, weak business and consumer confidence, and high policy uncertainty all pose risks to economic growth.

Canada's economy grew by 1.5 percent in 2024. It is expected to slow to 1 percent this year and pick up slightly to 1.1 percent in 2026.