The Canadian economy edged slightly higher in August and initial estimates pointed to growth continued in September as worries of an impending recession grow. StatCan_eng said real growth domestic product gained 0.1 per cent in August.
The Canadian PressOTTAWA — The Canadian economy edged slightly higher in August and initial estimates pointed to growth continued in September as worries of an impending recession grow.
“While we will be revising our overall 2022 growth expectation to be a tad higher, this does not alter our view that the economy will stall in the months ahead, and the lack of momentum late in Q3 is aligned with that,” Charbonneau wrote in a report. And while the central bank said it is nearing the end of its rate tightening cycle, governor Tiff Macklem said it isn’t done yet and more rate hikes are expected to be needed.
In its latest monetary policy report, the Bank of Canada forecast growth at an annual rate of 1.5 per cent for the third quarter before slowing to an annual pace of 0.5 per cent in the final three months of the year. “The Bank of Canada decided to slow its pace of rate hikes on Wednesday as it believes a slowing in economic growth is forthcoming. Though this is starting to show up in the data, we think the BoC will need to continue to raise its policy rate to 4.25 per cent in order to achieve the deceleration that is sufficient to bring down inflation.”
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