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Global markets: OECD expects stronger growth in 2017

By Commodity News Service Canada

WINNIPEG, June 7 – The following is a glance at the news moving markets globally.

– The world’s economy is expected to advance at the fastest pace in six years, according to the Organisation for Economic Co-operation and Development’s most recent economic outlook.

The report, which was released on Wednesday, estimated global real GDP growth at 3.5 per cent in 2017.

Stronger business and consumer confidence, rising industrial production and recovering employment and trade flows will all contribute to stronger growth, the OECD said.

– Canadian municipalities issued C$7.1 billion worth of building permits in April, down 0.2 per cent from March. Lower construction intentions for single-family dwellings were mainly responsible for the national decrease. The value of building permits declined in four provinces in April, led by Ontario and Alberta, Statistics Canada said in a report on Wednesday.

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