It’s the common theme with international economic organizations where in recent years, during the fall they downgrade the economic growth forecasts that they had made a few months earlier.
This theme fits in tandem with a rather dovish message from the Bank of Canada Governor Stephen Poloz, speaking yesterday where he gave speech themed on learning to live with lower for longer, and as well with his deputy governor with a similar tone last week.
The Organization of Economic Cooperation and Development (OECD) revising lower their expectations for Canadian growth by half a percentage point to 1.2 per cent; this is a shift from just their June Outlook.
It is not just a Canada story though, the OECD revising lower their global growth forecast, and a sobering comment from Catherine Mann, chief economist saying “trade growth rates have deteriorated dramatically since the financial crisis.”
And to all the protectionists out there that say this is a good thing, very bluntly, her response, “no, this is damaging.”