Our Canada Chart Pack has been updated with the latest data and our analysis of recent developments.
Further declines in GDP in the coming quarters mean that the economy is unlikely to grow at all next year. Weak growth and a return in inflation to the 2% target will leave scope for the Bank of Canada to cut interest rates sharply, from the current 5.0% to 3.0% by the end of 2024. We expect looser policy to help drive a recovery in GDP growth to 2.5% in 2025.
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