Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Co-operation and Development said Monday in a darkening outlook.
The Paris-based organization projects worldwide growth to be a modest 3% this year before slowing further to just 2.2% next year, representing around $2.8 trillion in lost global output in 2023.
The war in Ukraine has driven up food and energy prices worldwide, with Russia a key global energy and fertilizer supplier and both countries major exporters of grain for millions of people worldwide already facing hunger. Meanwhile, China's COVID-19 lockdowns have shuttered large parts of its economy.
"The war, the burden of high energy and food prices, as well as zero COVID-19 policies from China, mean that growth will be lower, and inflation will be higher and more persistent," OECD Secretary-General Mathias Cormann told reporters in Paris.
The inflation and energy supply shock led the OECD to project annual economic growth to slow to around 1.5% in the United States this year and just 0.5% next year. The group expects the economy to grow 1.25% this year in the 19 countries using the euro currency, with risks of deeper declines in several European economies during the winter months, and 0.3% in 2023.
It noted the spectre of energy shortages in Europe after Russia reduced supplies of natural gas needed to heat homes, generate electricity and power factories. Shortages could send energy prices up worldwide and force businesses to ration, pushing many European countries into a recession next year, the OECD said.
Growth in China is expected to drop to 3.2% this year. Except in 2020 when the pandemic emerged, it would be the lowest growth rate in China since the 1970s. The group projected it would rise slightly to 4.7% next year.
Inflation is expected to drop gradually through next year in most Group of 20 countries as central banks keep raising interest rates and global growth slows. Headline inflation is projected to ease from 8.2% this year to 6.6% in 2023 in the G20 economies, but that's still far above many central banks' targets of 2%.
"These challenging economic situations will require bold, well-designed and well-coordinated policies," Cormann said.
The OECD called for short-term help for people hurt the most by rising prices, further interest rate hikes by central banks, climate policies that follow countries' search for alternate energy sources and international cooperation to strengthen food supplies.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
Fedaa Nassar says any time she has heard the phone ring in the last year, she becomes overwhelmed with anxiety.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
After a decade of volunteering for one of North America鈥檚 most punishing ultra marathons, an Ontario man decided to challenge himself by stepping up from the sidelines to become a participant.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Former U.S. president Donald Trump plans to return Saturday to the site where a gunman tried to assassinate him in July, setting aside what are now near-constant worries for his physical safety in order to fulfill a promise 鈥 'really an obligation,' he said recently 鈥 to the people of Butler, Pa.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
A rural Colorado county courthouse beefed up security Friday after threats were made against staff and a judge who sentenced former county clerk Tina Peters to nearly nine years behind bars for her role in a data breach scheme catalyzed by the lie that the 2020 election was stolen from former President Donald Trump.
A judge ripped into a Colorado county clerk for her crimes and lies before sentencing her Thursday to nine years behind bars for a data-breach scheme spawned from the rampant false claims about voting machine fraud in the 2020 presidential race.
The U.S. and British militaries struck more than a dozen Houthi targets in Yemen on Friday, going after weapons systems, bases and other equipment belonging to the Iranian-backed rebels, U.S. officials confirmed.
Prime Minister Justin Trudeau pleaded for peace in the Middle East Saturday, as he decried a civilian death toll he blamed on Hamas, Hezbollah and Israel.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 鈥淏eing able to recognize smells is something we take for granted, until you can鈥檛.鈥
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
You might be thinking, 'Shut up!' but it鈥檚 officially true: the 'Princess Diaries' franchise is finally growing.
Legendary singer Paul Simon has said he is 'optimistic' about being able to return to performing live after losing most of his hearing in his left ear.
The jury tasked with determining if Canadian musician Jacob Hoggard sexually assaulted a young woman in northeastern Ontario eight years ago began deliberating Friday after nearly two weeks of testimony that saw the singer and his accuser give starkly different accounts of what happened.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the right bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn鈥檛 a direct result of a major port strike Tuesday. It鈥檚 because of panic buying.
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
According to the Canadian Women & Sport's 2022 Rally Report, 76 per cent of girls who participate in sports believe it helps build confidence and enhances their mental health. While those benefits are important for all children, the organization's CEO says, right now, girls have less access.
Paul Pogba has had his four-year ban for doping reduced to 18 months after appealing to the Court of Arbitration for Sport.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
Chayton Point loved to dance. Just ask his mom.
As the provincial election campaign reaches the halfway mark, the party leaders made pitches to voters on bread-and-butter issues: housing, child care and jobs.
Vancouver police have deployed extra resources in anticipation of multiple protests planned for Oct. 7.
Two pedestrians have been taken to hospital with unknown injuries after an early-morning collision in Vaughan.
A Toronto city councillor is calling for a public inquiry into the construction of the delayed and over-budget Eglinton Crosstown LRT.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
A pedestrian is in critical condition after being struck by a vehicle in southeast Calgary on Friday night.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
The Winnipeg Jets prevailed 3-2 over the Calgary Flames in Friday's final dress rehearsal for the NHL regular season for both clubs.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Gas prices in Ottawa are set to rise this weekend after a slight uptick overnight.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
Montreal police say they are increasing their presence across the city ahead of the one-year anniversary of the Oct. 7 start of the Israel-Hamas war.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Forward Arshdeep Bains hopes his final audition was good enough to earn him a spot in the Vancouver Canucks cast when the curtain opens on the NHL regular season.
A 79-year-old woman is dead after the vehicle she was driving crashed into an east Edmonton building late Friday afternoon.
Ukrainian forces said they shot down a Russian fighter plane on Saturday while Russia claimed it made gains in Ukraine's east.
A riding in southwest New Brunswick that for decades was a Progressive Conservative stronghold is shaping up to be a bellwether that could offer a window into the future of the Tory party, and maybe of the province.
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
Brady Oliveira and the Winnipeg Blue Bombers continue to roll along. Oliveira ran for a season-high 147 yards and a touchdown to power Winnipeg past the Hamilton Tiger-Cats 31-10 on Friday night.
A new report from Doctors Manitoba is calling for major changes to the way sick notes are issued in Manitoba, saying they are a waste of time for doctors and employers.
A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.
A group of climate activists is challenging SaskPower's move towards natural gas, arguing it violates their Charter rights.
Regina kids facing mobility issues were gifted toy cars through the Go Baby Go program.
Police have laid charges after a car crashed into the side of a Kitchener home early Friday morning.
The K-W Symphony may have played their last concert but the musicians who made up the ensemble aren鈥檛 ready for their curtain call.
Melissa Duff-Shore, a Cambridge, Ont. woman who killed her daughter in 2020, has been ordered to a forensic hospital in St. Thomas.
The Saskatchewan Teachers' Federation hosted a virtual election forum on education Thursday evening, giving candidates in the provincial election a chance to share their thoughts and answer questions on issues teachers find most important.
A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.
Saskatoon police arrested a homeless person at the scene of an encampment underneath the University Bridge on Friday morning.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
Two police officers in Greater Sudbury required medical attention for injuries they received arresting a man for the second time in just two days.
Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'
As of 3:00 a.m. on Saturday, The West Region OPP Tactics and Rescue Unit (TRU), Emergency Response Team (TEAM) and OPP K9 Unit were operating in the area but have since cleared.
Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 鈥淏eing able to recognize smells is something we take for granted, until you can鈥檛.鈥
According to the CBRE鈥檚 latest commercial vacancy rate report, London saw a vacancy rate of 31.4 per cent, the highest downtown commercial vacancy rate in Canada.
A woman whose son died last month while at a Penetanguishene, Ont. beach with another family member wants to see safety increased at the beach.
The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.
Provincial police are investigating a collision along Highway 400 in Tay Township Friday afternoon.
After a decade of volunteering for one of North America鈥檚 most punishing ultra marathons, an Ontario man decided to challenge himself by stepping up from the sidelines to become a participant.
The Windsor Spitfires General Manager Bill Bowler announced on Friday that Max Brocklehurst has been reassigned to to the Lasalle Vipers.
A motor vehicle collision at Wyandotte Street East and George Avenue has Windsor police on the scene this morning.
We haven't heard the candidates talk much about education during B.C.'s 2024 election campaign, but the teachers' union is trying to put the spotlight on that issue.
The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.
Many British Columbians were shaken awake early Friday morning when an earthquake struck in the Strait of Georgia, about 18 kilometres southwest of Tsawwassen.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.
The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.
To enhance inclusivity at Lethbridge Polytechnic, the institution has launched a new accessibility micro-credential.
WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.
Two teens, ages 14 and 19, have been charged with arson in connection with a July 14 fire in Cat Lake First Nation that destroyed $500,000 in construction materials.
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
A suspect who accused Thunder Bay police of being responsible for his throat injury actually hurt himself when he swallowed a large amount of drugs.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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