The OECD has lowered its estimate for Canada’s economic growth this year to 1.1%—down 0.4 of a percentage point—as weakened conditions in recent months affect many countries around the world.

The Paris-based economics organization says that lower prices for oil, coal and metals are hampering countries that depend heavily on commodity exports, such as Canada and Australia.

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It has also lowered its estimate for Canada’s economic growth next year to 2.1%, a decline of 0.2 of a point from the OECD’s forecast in June.

Its estimate for economic growth around the world has been lowered to 3% per cent this year, down from 3.1%. For next year, world economic growth is pegged at 3.6%, down 0.2 percentage points from the June estimate.

Read: Federal government posts $1.9-billion surplus

It lowered growth estimates for many countries, including Japan, China, France, India and Brazil, but that was partially offset by a higher estimate for growth this year in the United States.

The estimate for 2015 growth in the United States has been raised by 0.4 point to 2.4%. For next year, the OECD trimmed its U.S. estimate by 0.2 point to 2.6%—the highest among advanced economies.

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Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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