Canada’s COVID-19 pandemic recovery is running on fumes according to the Organization for Economic Co-operation and Development (OECD).
The intergovernmental group’s Composite Leading Indicators suggest that recovery is set to slow down for Canada and a number of other countries including Germany, Italy and the UK.
“Among major OECD economies, a drop in momentum is visible in the latest CLIs for Canada, Germany, Italy and the United Kingdom,” the OECD said.
The indicators forecast economic performance over a period of six to nine months. They take into account numerous variables including order books, building permits issued, new car registration, interest rates and economic confidence.
Meanwhile, Japan, the EU and the US all show stable growth for months to come.
According to a recent Fraser Institute report, Canada has been ranked as the sixth most miserable country to live in among advanced global economies.
Out of the 35 most affluent nations rated by the International Monetary Fund, Canada placed behind Spain, Greece and Italy, among others.
“Canadians are rightly concerned about the country’s high inflation and unemployment rates, and when compared to other developed countries, Canada is not doing well,” said Fraser Institute executive vice-president and report co-author Jason Clements.
Fraser Institute claimed that high inflation rates and growing unemployment largely contributed to Canada’s ranking.
The Conservatives have recently taken the Liberal government to task on inflation and out of control spending.
Conservative finance critic Pierre Poilievre has been vocal in raising concerns about the state of the economy under Prime Minister Justin Trudeau’s watch.
On Tuesday it was revealed that Canada’s inflation rate rose once more to 4.8%, breaking past the last quarter’s 18-year-high.
“Inflation rises again to 4.8%, the highest in over 3 decades. And, because the consumer price index does not account for house prices, it doesn’t even account for the 26% housing inflation,” tweeted Poilievre.
An emergency meeting at the Commons Finance Committee took place this Monday to study the issue.
