In summary, for 2024, bank economists expect Canadian GDP to fall to a mere 0.5% while inflation should decrease to 2.6%.
Notably, they predict the Bank of Canada will cut rates 4-6 times this year, which would lower the BoC rate from 5% to between 3.5% to 4%.
Although growth in 2024 is believed to be tepid and unemployment to move higher, currently only one economist forecasts slightly negative GDP for the year.
Economists’ expectations often do not materialize. We’ll see what happens this year!
For more information here’s the orginal article concerning the coming year:
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