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Canada growth outpaces other developed countries OECD report

July 2013, 17
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Canada Growth OECD

The unemployment rates in Canada will decrease significantly by this year-end, as per the report of OECD. According to its report, the unemployment rate is projected to decrease to 6.7 percent by the end of 2014. Canada is one of the advanced countries that withstood the recent recession in a better way.

The OECD report says that Canada will continue to outpace the other member countries in terms of economic growth. The number of short-term unemployed people had decreased as those people found jobs in the labour market that recovered soon. However, the percent of long-term employed people has to decrease from the pre-recession levels.

The other reason for lack of decrease in long-term unemployment may be the employer’s preference towards new workers or short-term unemployed in the labour market. The report signifies that the low skilled workers and youth have been affected with the recent economic crisis. It is important to strive for the employment of young people in the domestic labour market.

The report also highlighted that it is advised not to relax the rules on some social benefits like unemployment or disability benefits for the old workers. This move can have a drastic impact on the economy of any country.

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