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- Real GDP growth will decline to 1.4% in 2023. Higher borrowing costs will weigh on activity. Lower commodity prices have unwound last year’s terms of trade gains. Demand will strengthen through 2024, but annual output growth will remain below the economy’s long-run potential rate at 1.4%.
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Why is Canadian economic growth slowing?
Nov 21, 2023 · Recently, higher interest rates and weaker global economic activity have led to a slowing in the pace of economic growth in Canada. After growing by 3.8 per cent in 2022 and 2.6 per cent in the first quarter of 2023, the Canadian economy contracted modestly in the second quarter.
May 12, 2023 · The World Economic Forum’s latest Chief Economists Outlook finds that economists are divided on the chances of a global recession in 2023. During the Forum's Growth Summit, which took place on 2-3 May 2023, leading economists explored the state of the global economy.
- Ian Shine
Dec 8, 2022 · Fierce competition could decouple economies and erode global prosperity. As much as 2023 is bound to be a challenging year, there are bright spots. Most likely inflation returns close to target with only moderate recessions in most advanced economies.
Real GDP growth will decline to 1.4% in 2023. Higher borrowing costs will weigh on activity. Lower commodity prices have unwound last year’s terms of trade gains. Demand will strengthen through 2024, but annual output growth will remain below the economy’s long-run potential rate at 1.4%.
Our economy entered 2023 on a better footing than most of our peers, and with strong economic fundamentals, including robust population growth, a strong labour market, and a well-regulated and well-capitalized financial system, Canada will be able to weather a global economic slowdown.
Oct 25, 2023 · Date modified: 2023-10-25. This article provides an integrated summary of recent changes in output, consumer prices, employment and household finances. It highlights changes in the economic data during the first half of 2023 and into the summer months.
Mar 6, 2023 · The OECD’s updated economic forecasts positively reflect the resilience of the Canadian economy during a period of global economic uncertainty by projecting an improvement in GDP growth compared to its November forecasts, with growth expected to be 1.3 per cent in 2023 and 1.5 per cent in 2024.
