A stronger than expected U.S. economy is helping to keep a global slowdown in check this year but a weakening Chinese economy will prove to be a bigger drag next year, the OECD forecast on Tuesday. After expanding 3.3% last year, global gross domestic product growth is on course to slow to 3.0% this year, the Organisation for Economic Development said in the latest update of its forecasts for major economies. While that was an upgrade from 2.7% in the OECD's June outlook, global growth was expected to slow to 2.7% in 2024 - down from its estimate of 2.9% in June.
Ford, Chow agree ‘new deal’ is needed to help tackle Toronto's massive deficit
TORONTO — Ontario Premier Doug Ford agreed Monday that the city of Toronto needs a "new deal" to address its growing financial pressures, but shot down two of the mayor's key requests for how to achieve that. Mayor Olivia Chow sat down with the premier Monday at the legislature for a meeting that stretched past its scheduled one hour, bringing a message of financial urgency about the city's $1.5-billion deficit.
WASHINGTON — Since Federal Reserve officials last met in July, the economy has moved in the direction they hoped to see: Inflation continues to ease, if more slowly than most Americans would like, while growth remains solid and the job market cools. When they meet again this week, the policymakers are likely to decide they can afford to wait and see if the progress continues. As a result, they’re almost sure to leave their key interest rate unchanged when their meeting ends Wednesday.
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