Canadian economy to get 'back on its feet' next year, Deloitte Canada says
BNN Bloomberg
Canada's near-term economic struggles will ease next year when growth returns and the Bank of Canada begins cutting its key lending rate, a new forecast from Deloitte Canada said.
A better-than-expected U.S. outlook and continued population growth here will offset some of the downward pressure from high household debt, soaring interest payments and stubbornly persistent inflation, the company said in its latest economic outlook report, released Thursday.
"We do have an economy getting back on its feet in the first half of next year," said Dawn Desjardins, chief economist at Deloitte Canada, who co-authored the report.
"The recovery will pick up steam in the second half of 2024 because it's during the time we anticipate the Bank of Canada will be able to pivot from having high interest rates we're living with today," she said.
