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To: Johnny Canuck who wrote (40181)	9/3/2003 1:23:59 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69301

OECD sees Canadian economic rebound Last Updated Tue, 02 Sep 2003 15:10:49 PARIS - Canadian economy activity is expected to pick up this year and through 2004, the Organization for Economic Co-operation and Development said Tuesday. The policy group sees economic growth here of 2.7 per cent, rising to 3.4 per cent next year. "Although the current slowdown could last a little longer in case of a delayed or sluggish U.S. recovery or because of the impacts of SARS and BSE, economic activity is expected to gradually pick up again toward the end of the year and through 2004 as the global economy gathers strength," the Paris-based group said in a report. The OECD also indicated inflation will be benign in Canada. "With some slack in labour and product markets, there is downward pressure on underlying inflation, and headline rates should soon converge on the 2 per cent midpoint of the target range," the group said. Last week, Statistics Canada reported that the economy contracted at an annualized rate of 0.3 per cent in the second quarter as the country reeled from the effects of SARS, mad cow and the higher dollar. The Bank of Canada is expected to cut interest rates on Wednesday. The rate is forecast to drop by 0.25 of a percentage point to 2.75 per cent. Written by CBC News Online staff