Tighten Canadian housing market rules, OECD urges

Alicia Guzman
June 8, 2017

The global economy is set to grow at 3.5% this year; its fastest rate of growth since 2011, according to think tank OECD.

The OECD reported that South Korea needs to pursue expansionary fiscal policies such as a supplementary budget, but should take a cautious approach to tightening mortgage loan regulations in light of the housing market situation and rising household debt.

Britain's economy, however, is forecast to slow to a 1% growth rate in 2018 - after a 1.6% advance this year "owing to uncertainty about the outcome of the Brexit negotiations", the OECD said.

While recovering trade and investment flows were supporting the improving economic outlook, Gurria said barriers in the form of protectionism and regulations needed to be lifted to ensure stronger growth. By contrast, it lowered its forecast for the US economy, and now expects growth this year of 2.1%, down from 2.4% in March.

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"After five years of weak growth, there are signs of improvement".

OECD chief economist Catherine Mann said, however, that "policymakers can not be complacent".

It said the Irish economy was projected to expand solidly, but growth would fall toward more sustainable rates in the near future.

Meanwhile, the South Korean government and the central bank both had a growth forecast of 2.6 percent for 2017, while the International Monetary Fund (IMF) revised it up to 2.7 percent.

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The organization also said the inflation rate will climb to 10.4 percent in 2017 up from 7.7 percent, then drop to 8.1 percent in 2018.

Australian commodities linked to the Chinese economy remain an important source of income and growth, but also bring "uncertainty and risk".

The OECD analysis also says one of the economic pressures facing Canada could come from export disruptions as the United States renegotiates trade agreements and takes retaliatory measures against Canadian softwood. The report, however, added that China's continued decisions to cut Korean imports and ban Chinese tour groups may lower GDP growth my 0.2 percentage point.

The Paris-based institution said poor weather has disrupted commodity exports and the rebound in commodity prices appears to have ended.

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Over Seoul's decision to deploy a USA -led missile system, the Beijing government's retaliatory measures against Korean-made consumer goods and a ban on tour groups may drag down the country's GDP growth by 0.2 percentage point, as China accounts for a quarter of South Korean exports, it added.

Other reports by Info About Network

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