The global economy is headed for a downturn, and Canada is one of the nations that will be hardest hit as the repercussions of Washington’s tariffs persist, warns the world’s economic watchdog.
The Organisation for Economic Co-operation and Development (OECD) has updated its forecast for the second time this year, predicting global gross domestic product will decrease from 3.3 percent in 2024 to 2.9 percent this year and in 2026, assuming that the tariff rates imposed by U.S. President Donald Trump are upheld despite legal disputes.
