The Bank of Canada raised its key interest rate by 25 basis points on Wednesday to 4.5%. Read the central bank\u0027s official statement here.
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The bank estimates the global economy grew by about 3.5 per cent in 2022, and will slow to about two per cent in 2023 and 2.5 per cent in 2024. This projection is slightly higher than October’s. The bank estimates Canada’s economy grew by 3.6 per cent in 2022, slightly stronger than was projected in October. Growth is expected to stall through the middle of 2023, picking up later in the year. The bank expects GDP growth of about one per cent in 2023 and about two per cent in 2024, little changed from the October outlook.
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