The Bank of Canada raised interest rates on July 12, bringing its key policy rate to 5%. Read the central bank\u0027s official statement here.
The bank’s July Monetary Policy Report projects the global economy will grow by around 2.8 per cent this year and 2.4 per cent in 2024, followed by 2.7 per cent growth in 2025.
As higher interest rates continue to work their way through the economy, the bank expects economic growth to slow, averaging around 1% through the second half of this year and the first half of next year. This implies real GDP growth of 1.8 per cent in 2023 and 1.2 per cent in 2024. The economy will move into modest excess supply early next year before growth picks up to 2.4 per cent in 2025.
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